ProMIS Neurosciences (NASDAQ:PMN) is undervalued, this analyst says

Roth Capital Partners analyst Boobalan Pachaiyappan says ProMIS Neurosciences’ (ProMIS Neurosciences Stock Quote, Chart, News, Analysts, Financials NASDAQ:PMN) interim Alzheimer’s data met or exceeded his expectations on safety, the key concern for current standard-of-care drugs.

In a July 28  note, Pachaiyappan reiterated his “Buy” rating and $19.00 pirce target on ProMIS.

ProMIS reported positive results from a blinded, pooled six-month interim analysis of its Phase 1b trial of PMN310 in early Alzheimer’s disease patients with confirmed amyloid pathology. The pooled analysis included both PMN310 and placebo patients, with randomization weighted three-to-one toward PMN310.

Pachaiyappan said the interim readout showed favourable safety across subgroups, with no discontinuations and one infusion reaction. The study also showed no evidence of ARIA-E, or brain swelling, and a total ARIA rate of 4.4%, driven by mild, asymptomatic ARIA-H.

The analyst said the ARIA profile is important because standard Alzheimer’s drugs such as lecanemab and donanemab can carry elevated ARIA risk, particularly in patients with APOE4 gene mutations.

The interim analysis also showed directional reductions in pTau217 and pTau243, which Pachaiyappan said suggest biological activity. However, he cautioned that the blinded design means drug effects cannot yet be separated from placebo.

He said the data are reassuring because the pooled analysis was weighted toward PMN310 and showed favourable safety and biomarker trends.

Pachaiyappan said the results support PMN310’s mechanistic rationale, which is based on clearing toxic amyloid oligomers, but said patient benefit can only be confirmed when 12-month unblinded data are released.

Top-line 12-month efficacy data is expected in Q1 2027.

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