Is ProMIS Neurosciences a buy right now?

Roth Capital Partners analyst Boobalan Pachaiyappan says ProMIS Neurosciences’ (ProMIS Neurosciences Stock Quote, Chart, News, Analysts, Financials NASDAQ:PMN) key catalyst remains its 12-month Alzheimer’s study data expected in Q1 2027.

In an Aug. 20 update, Pachaiyappan reiterated his “Buy” rating on ProMIS and lowered his target to US$29.00 from US$30.00

“In our view, PMN’s central catalyst remains the unblinded 12M Ph1b AD study readout expected in 1Q27, when investors should be able to assess treatment-placebo separation across safety, biomarkers and cognitive measures,” Pachaiyappan said.

ProMIS reported a Q2 net loss of US$11.7-million, compared with Pachaiyappan’s forecast for a loss of US$8.4-million. R&D expense was US$9.5-million, while general and administrative expense was US$2.7-million.

The company ended Q2 with US$53.4-million of cash, cash equivalents and marketable securities, which Pachaiyappan expects will fund operations into mid-2027.

ProMIS is developing PMN310 for early Alzheimer’s disease. Pachaiyappan said the 12-month data will be important because investors will be looking for clear separation between the drug and placebo on safety, biological markers and measures of cognition.

Earlier pooled data from the Phase 1b study showed no ARIA-E, or brain swelling, and a 4.4% total ARIA rate. It also showed directional improvement in two Alzheimer’s-related biomarkers.

Pachaiyappan said stronger investor confidence would require PMN310 to show that it is engaging its target, improving downstream biomarkers, supporting cognitive or functional outcomes and maintaining a clean safety profile.

The analyst said strong safety alone, without convincing biomarker or cognitive separation from placebo, would be viewed as scientifically interesting but not enough to meaningfully de-risk the program.

ProMIS is also advancing a preclinical subcutaneous version of PMN310, which could make dosing more convenient if the main study data are positive.

Pachaiyappan said the question for investors is whether PMN310 can combine meaningful efficacy, easier dosing and a cleaner safety profile than current standard Alzheimer’s treatments.

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