Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on ProMIS Neurosciences and decreased the price target to $18.00 from $100.00.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Ram Selvaraju has given his Buy rating due to a combination of factors including the recent reverse stock split and the promising progress of ProMIS Neurosciences’ lead candidate, PMN310. The reverse stock split, approved by the company’s board, has effectively consolidated shares, which has led to an adjustment in the price target from $4 to $18, reflecting a more favorable valuation for investors.
Additionally, the ongoing Phase 1b PRECISE-AD trial for PMN310 is nearing completion of enrollment and has shown a favorable safety profile, particularly in avoiding amyloid-related imaging abnormalities (ARIA) and serious adverse events. The FDA’s Fast Track designation for PMN310 in Alzheimer’s disease further underscores its potential. The candidate’s unique mechanism of action, which avoids binding to amyloid plaque and thus reduces the risk of ARIA, sets it apart from other anti-amyloid antibodies, potentially offering a superior safety profile. These developments contribute to the confidence in the stock’s potential, justifying the Buy rating.
Selvaraju covers the Healthcare sector, focusing on stocks such as Emergent Biosolutions, Microbot Medical, and Genmab. According to TipRanks, Selvaraju has an average return of 19.7% and a 53.92% success rate on recommended stocks.
In another report released on November 17, Guggenheim also reiterated a Buy rating on the stock with a $5.00 price target.