Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on ProMIS Neurosciences and keeping the price target at $4.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ram Selvaraju has given his Buy rating due to a combination of factors including the recent Fast Track designation granted by the FDA to ProMIS Neurosciences’ lead candidate, PMN310, for Alzheimer’s disease treatment. This designation is crucial as it suggests a potentially expedited approval process, allowing the company to engage more closely with the FDA and address the serious unmet needs in Alzheimer’s treatment. PMN310 has demonstrated promising results in preclinical and early clinical studies, showing high selectivity for toxic beta-amyloid oligomers without binding to amyloid plaques, which are associated with adverse effects in other treatments.
Additionally, the ongoing Phase 1b trial aims to confirm the safety profile of PMN310 by demonstrating the absence of amyloid-related imaging abnormalities (ARIA), a common issue with existing anti-amyloid antibodies. The Alzheimer’s market represents a significant commercial opportunity, with millions affected globally and the prevalence expected to rise. If PMN310 can effectively address safety concerns and prove its efficacy, it could capture a substantial market share, potentially achieving peak sales of over $6 billion by the early 2040s. This potential, combined with the strategic plan for commercialization, supports the Buy rating and the optimistic price target set by Selvaraju.