Ally Bridge Group NY LLC Increases Holdings in Promis Neurosciences $PMN

Ally Bridge Group NY LLC increased its position in Promis Neurosciences (NASDAQ:PMN) by 367.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,233,497 shares of the company’s stock after buying an additional 4,899,069 shares during the quarter. Promis Neurosciences accounts for 1.6% of Ally Bridge Group NY LLC’s portfolio, making the stock its 17th largest position. Ally Bridge Group NY LLC owned about 11.58% of Promis Neurosciences worth $2,649,000 at the end of the most recent quarter.

Insider Activity

In other news, insider Johanne Kaplan bought 1,629 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of $15.35 per share, with a total value of $25,005.15. Following the completion of the purchase, the insider directly owned 3,941 shares in the company, valued at $60,494.35. This represents a 70.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Eugene Williams purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were purchased at an average price of $24.00 per share, with a total value of $48,000.00. Following the completion of the acquisition, the director directly owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 705,370 shares of company stock valued at $8,595,523. 3.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PMN shares. Guggenheim decreased their price target on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Three 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 stock has an average rating of “Moderate Buy” and an average price target of $42.67.

Promis Neurosciences Price Performance

PMN opened at $18.15 on Friday. The stock’s 50 day simple moving average is $14.54 and its 200 day simple moving average is $11.61. The firm has a market cap of $39.02 million, a price-to-earnings ratio of -0.96 and a beta of -0.23. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75.

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.