H.C. Wainwright Reiterates Buy Rating on ProMIS Neurosciences (PMN)

H.C. Wainwright analyst Raghuram Selvaraju reiterated a Buy rating and $18.00 price target on ProMIS Neurosciences (NASDAQ: PMN).

The analyst commented: "KOL event underscores ARIA as the factor that has capped uptake of approved anti-amyloid antibodies. On October 13, we hosted a key opinion leader (KOL) call with Dr. William Mantyh, a behavioral neurologist and Clinical Director of the Behavior & Memory Clinic at the University of Minnesota Medical School, who prescribes anti-amyloid therapies in daily practice. His explanation for why Leqembi (lecanemab) from Eisai and Kisunla (donanemab) from Eli Lilly & Co. have fallen short of the blockbuster trajectory that originally specialists anticipated comes down to the safety risks stemming from the elevated occurrence of amyloid-related imaging abnormalities (ARIA) in patients treated with these drugs. The bulk of Alzheimer's disease (AD) is diagnosed and treated in primary care, and primary care physicians who view a drug as potentially more harmful, at a high price tag, may not refer eligible patients. Monitoring compounds the problem: a baseline magnetic resonance imaging (MRI) scan, plus four surveillance scans in the first year for every patient, and monthly scans during ARIA-E under appropriate-use recommendations. In Dr. Mantyh's view, the U.S. represents one of the few countries with the MRI capacity to support such monitoring requirements, which he cited to explain the slower ex-U.S. deployment of currently approved anti-amyloid antibody-based drugs. A potential amyloid-targeting agent with meaningfully lower ARIA risk may thus be even more in demand outside the U.S., while in the U.S. such a profile could translate into rapid sales uptake. We reiterate our Buy rating and 12-month price target of $18."

For an analyst ratings summary and ratings history on ProMIS Neurosciences click here. For more ratings news on ProMIS Neurosciences click here.

Shares of ProMIS Neurosciences closed at $8.70 yesterday.

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