Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams Buys 2,000 Shares

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams purchased 2,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was acquired at an average price of $24.00 per share, with a total value of $48,000.00. Following the purchase, the director owned 10,397 shares of the company’s stock, valued at approximately $249,528. This represents a 23.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Eugene Williams also recently made the following trade(s):

• On Monday, March 2nd, Eugene Williams bought 1,000 shares of Promis Neurosciences stock. The shares were acquired at an average cost of $22.53 per share, for a total transaction of $22,530.00.

Promis Neurosciences Price Performance

Shares of PMN stock traded down $0.55 during trading hours on Wednesday, hitting $24.05. The stock had a trading volume of 57,201 shares, compared to its average volume of 51,132. The stock’s 50 day moving average is $12.52 and its 200 day moving average is $11.23. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75.

Analysts Set New Price Targets

A number of brokerages have issued reports on PMN. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Guggenheim decreased their target price on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. HC Wainwright reissued a “buy” rating and set a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Promis Neurosciences currently has an average rating of “Moderate Buy” and a consensus price target of $42.67.

Institutional Trading of Promis Neurosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ally Bridge Group NY LLC lifted its holdings in shares of Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after purchasing an additional 4,899,069 shares in the last quarter. Armistice Capital LLC grew its holdings in Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares during the period. Finally, Citadel Advisors LLC increased its holdings in shares of Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after acquiring an additional 106,650 shares during the last quarter. 50.13% of the stock is owned by institutional investors.

About Promis Neurosciences

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company’s research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer’s disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.