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

Promis Neurosciences (NASDAQ:PMN) major shareholder Abg Management Ltd. purchased 700,741 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were purchased at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the purchase, the insider owned 943,090 shares in the company, valued at $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN opened at $12.73 on Friday. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75. The company has a market cap of $27.37 million, a price-to-earnings ratio of -0.67 and a beta of -0.08. The business’s 50 day moving average price is $9.07 and its 200-day moving average price is $11.36.

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

Hedge Funds Weigh In On Promis Neurosciences

A number of large investors have recently added to or reduced their stakes in PMN. Citadel Advisors LLC grew its position in shares of Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after buying an additional 106,650 shares during the last quarter. Armistice Capital LLC grew its holdings in Promis Neurosciences by 39.1% in 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 last quarter. Finally, Ally Bridge Group NY LLC increased its position in shares of Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing an additional 4,899,069 shares in the last quarter. 50.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PMN has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Finally, Guggenheim lowered their price target on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research report on Friday. 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.com, the company has an average rating of “Moderate Buy” and an average price target of $42.67.

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.