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Sell Promis Neurosciences, Mackie Research says

Elliot Goldstein
An Alzheimer’s drug trial failure has caused Mackie Research analyst André Uddin to downgrade his rating for Promis Neurosciences (Promis Neurosciences Stock Quote, Chart TSX:PMN) from “Speculative Buy” to “Sell” in a client update on Thursday.

A Phase III trial conducted by American biotech company Biogen and Japanese pharma company Eisai on antibody aducanumab in patients with mild cognitive impairment due to Alzheimer’s and mild Alzheimer’s disease dementia has been discontinued due to a futility analysis conducted by an independent data monitoring committee.

Uddin says the results will hit Promis Neurosciences’ share price hard, as he expects that Promis will not advance its own lead antibody candidate PMN310 into Phase I trials as previously planned.

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“This is a major setback for Alzheimer’s disease as aducanumab had shown very promising data earlier,” says Uddin. “Every single drug candidate targeting beta-amyloid has now failed. Based on this recent news we do not expect Promis to advance PMN310 into Phase I trials later this year– it simply would not make sense to do so, given all the failures with drug candidates targeting beta amyloid.”

“Promis does have some great early stage drug candidates. However, Promis’ PMN310 (lead drug candidate) is in significant jeopardy of being dropped from development, we thus expect PMN could take some time before a new drug candidate is ready for human trials,” he says.

Uddin has reduced his target price from $0.50 to $0.10, which represents a projected 12-month return of negative 74 per cent at the time of publication.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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