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

Promis Neurosciences (NASDAQ:PMN) major shareholder Abg Management Ltd. purchased 700,741 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were acquired at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider owned 943,090 shares of the company’s stock, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Promis Neurosciences Stock Performance

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

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

Hedge Funds Weigh In On Promis Neurosciences

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

Analyst Upgrades and Downgrades

PMN has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a report on Saturday, November 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. 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 research report on Tuesday, November 18th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.67.

Promis Neurosciences Company Profile

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.