ProMIS Neurosciences, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on the stock and has a $18.00 price target.
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Ram Selvaraju has given his Buy rating due to a combination of factors, primarily centered around ProMIS Neurosciences’ innovative EpiSelect™ platform and its lead candidate, PMN310. The platform, based on the work of Dr. Neil Cashman, allows for the development of both vaccine candidates and antibody drugs, offering a novel approach to targeting misfolded proteins. PMN310 stands out for its selective targeting of amyloid toxic oligomers, which could potentially offer therapeutic benefits in Alzheimer’s disease while minimizing the risk of amyloid-related imaging abnormalities (ARIA) that are common with other therapies.
Additionally, the ongoing Phase 1b PRECISE-AD trial of PMN310 is nearing completion, with promising safety data indicating a favorable profile in avoiding ARIA. The FDA’s Fast Track designation for PMN310 further underscores its potential. Market research suggests a significant sales opportunity for an anti-amyloid antibody that mitigates ARIA risks, with potential peak annual sales exceeding $10 billion. These factors collectively support Selvaraju’s optimistic outlook on ProMIS Neurosciences and his Buy rating for the stock.
According to TipRanks, Selvaraju is a top 100 analyst with an average return of 28.8% and a 61.72% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Vanda, Microbot Medical, and Genmab.