Promis Neurosciences (NASDAQ:PMN) Director Patrick Kirwin Purchases 4,000 Shares of Stock

Promis Neurosciences (NASDAQ:PMN) Director Patrick Kirwin acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were bought at an average price of $11.33 per share, with a total value of $45,320.00. Following the transaction, the director directly owned 4,653 shares in the company, valued at approximately $52,718.49. The trade was a 612.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Promis Neurosciences Stock Down 2.1%

Shares of NASDAQ PMN opened at $10.88 on Friday. The stock has a market capitalization of $23.39 million, a price-to-earnings ratio of -0.57 and a beta of -0.17. The stock’s fifty day simple moving average is $16.32 and its 200 day simple moving average is $12.11. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

Institutional Trading of Promis Neurosciences

Institutional investors have recently made changes to their positions in the stock. Ally Bridge Group NY LLC increased its stake in 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 during the period. Armistice Capital LLC boosted its stake in shares of Promis Neurosciences by 39.1% during the 3rd 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 during the period. Finally, Citadel Advisors LLC boosted its stake in shares of Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after buying an additional 106,650 shares during the period. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PMN. Guggenheim cut their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus 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.