Promis Neurosciences (NASDAQ:PMN) Stock: Insider Neil Cashman Buys 10,000 Shares

Promis Neurosciences (NASDAQ:PMN) insider Neil Cashman purchased 10,000 shares of Promis Neurosciences stock in a transaction dated Monday, November 2nd. The shares were purchased at an average price of $3.86 per share, with a total value of $38,600.00. Following the completion of the acquisition, the insider owned 14,532 shares in the company, valued at $56,093.52. The trade was a 220.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN opened at $3.52 on Thursday. The stock has a market cap of $31.57 million, a price-to-earnings ratio of -0.41 and a beta of -0.19. The business has a 50 day simple moving average of $10.56 and a 200 day simple moving average of $12.79. Promis Neurosciences has a 52 week low of $2.78 and a 52 week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, beating the consensus estimate of ($1.38) by $0.10. On average, analysts predict that Promis Neurosciences will post -5.07 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Seven Fleet Capital Management LP bought a new stake in Promis Neurosciences during the first quarter valued at about $135,000. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences in the first quarter worth about $16,418,000. Ally Bridge Group NY LLC lifted its position in shares of Promis Neurosciences by 66.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after purchasing an additional 164,880 shares during the last quarter. Yu Fan acquired a new position in shares of Promis Neurosciences during the 1st quarter worth about $4,188,000. Finally, ADAR1 Capital Management LLC bought a new stake in Promis Neurosciences during the 1st quarter valued at approximately $1,211,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Chardan Capital set a $20.00 price objective on shares of Promis Neurosciences and gave the company a “buy” rating in a research note on Monday, July 27th. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Guggenheim restated a “buy” rating and set a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. Weiss Ratings raised Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a research note on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.50.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company developing precision medicines for neurodegenerative diseases. The company’s research focuses on misfolded proteins, which can form toxic structures associated with conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and other neurological disorders.

ProMIS uses its proprietary target-discovery platform to identify disease-specific toxic protein conformations and develop antibodies intended to selectively bind and neutralize them while avoiding healthy forms of the same proteins.