Johanne Kaplan Buys 1,629 Shares of Promis Neurosciences (NASDAQ:PMN) Stock

Promis Neurosciences (NASDAQ:PMN) insider Johanne Kaplan purchased 1,629 shares of Promis Neurosciences stock in a transaction on Thursday, February 19th. The stock was acquired at an average cost of $15.35 per share, for a total transaction of $25,005.15. Following the acquisition, the insider directly owned 3,941 shares of the company’s stock, valued at approximately $60,494.35. This represents a 70.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Promis Neurosciences Price Performance

PMN stock opened at $17.96 on Wednesday. The company’s 50 day simple moving average is $10.82 and its 200-day simple moving average is $10.93. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The firm has a market capitalization of $38.61 million, a PE ratio of -0.95 and a beta of -0.08.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Armistice Capital LLC increased its position in Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after acquiring an additional 836,622 shares during the period. Citadel Advisors LLC lifted its position 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 acquiring an additional 106,650 shares during the last quarter. Finally, Ally Bridge Group NY LLC lifted its holdings 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 valued at $2,649,000 after purchasing an additional 4,899,069 shares during the last quarter. 50.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PMN. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Finally, Guggenheim cut their price objective 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, February 6th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Promis Neurosciences currently has an average rating of “Moderate Buy” and a consensus target price 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.