Promis Neurosciences (NASDAQ:PMN) Major Shareholder Abg Management Ltd. Purchases 700,741 Shares

Promis Neurosciences (NASDAQ:PMN) major shareholder Abg Management Ltd. bought 700,741 shares of Promis Neurosciences stock in a transaction dated Tuesday, February 3rd. The shares were bought at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the acquisition, the insider owned 943,090 shares of the company’s stock, valued at $11,439,681.70. The trade was a 289.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Promis Neurosciences Stock Performance

PMN traded down $2.55 during trading on Thursday, reaching $13.10. The company had a trading volume of 61,291 shares, compared to its average volume of 368,919. The firm’s 50-day simple moving average is $8.83 and its 200 day simple moving average is $11.45. The company has a market cap of $28.17 million, a price-to-earnings ratio of -0.69 and a beta of -0.08. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released its earnings results on Wednesday, November 12th. The company reported ($6.00) earnings per share for the quarter, missing the consensus estimate of ($3.75) by ($2.25). On average, sell-side analysts expect that Promis Neurosciences will post -0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

PMN has been the topic of several research analyst reports. Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. HC Wainwright reissued a “buy” rating and set a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Finally, Guggenheim cut their price objective on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.67.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PMN. Citadel Advisors LLC boosted its holdings in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares during the period. Armistice Capital LLC boosted its stake 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 buying an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC raised its stake in shares of Promis Neurosciences by 367.1% in the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after buying an additional 4,899,069 shares in 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.