After publishing its second quarter results, Canadian biotech company Promis Neurosciences (TSX:PMN) got a target price reduction from Andr\u00e9 Uddin of Mackie Research Capital, who now sees a longer timeline for the potential licensing of the company\u2019s Alzheimer treatment drug, which PMN expects still have its first clinical trial by the second half of 2019. On Tuesday, the analyst reiterated his \u201cSpeculative Buy\u201d rating with the new target of $0.50 (previously $0.70). PMT posted its financials for the three and six month periods ended June 30, 2018, with a net loss for Q2 of $2.2 million on revenue of $0.0. The company ended the quarter with $6.8 million in cash and zero debt on its balance sheet. Uddin says the financials are less important at this time than is the progress with getting its potentially best-in-class Alzheimer drug, PMN310, into clinical trials. The analyst compares Promis\u2019 work on PMN310 with Biogen\u2019s current research on the antibody aducanumab. \u201cPMN310 and aducanumab have a similar mechanism (targeting toxic A\u03b2 oligomers) to treat Alzheimer\u2019s, but PMN310 should have better safety,\u201d says Uddin in a client update. \u201cPotential positive results of the aducanumab Phase III studies and PMN310 Phase I study should further justify the science behind PMN310. For these reasons, we believe it is more reasonable to push out our assumed timing of a PMN310 licensing deal to 2020, as well as, to increase the deal size to $700 million. We previously assumed the company would out-license PMN310 in 2019 for $550 million.\u201d Uddin\u2019s two-stage probability-adjusted DCF valuation results in his $0.50 target, which represents a 12-month projected return of 79 per cent at the time of publication.