Promis Neurosciences (NASDAQ:PMN) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• Promis Neurosciences beat quarterly earnings expectations, reporting a loss of $1.28 per share versus the consensus estimate of a $1.38 loss.
• Its PMN310 Alzheimer’s candidate showed an encouraging interim safety profile in the Phase 1b PRECISE-AD study, with no ARIA-E cases or treatment-related serious events. Exploratory biomarker data indicated declines in plasma p-tau217 and CSF MTBR-tau243, but efficacy has not been established.
• The company expects to complete 12 months of dosing in the fourth quarter of 2026 and release unblinded safety, biomarker and cognitive results in the first quarter of 2027; management says its approximately CAD 53.4 million in cash and investments should fund operations through 2027.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) posted its earnings results on Thursday. The company reported ($1.28) earnings per share for the quarter, beating analysts' consensus estimates of ($1.38) by $0.10, FiscalAI reports.

Here are the key takeaways from Promis Neurosciences' conference call:

• PMN310 showed an encouraging interim safety profile in the Phase 1b PRECISE-AD study, with zero cases of ARIA-E across all genotypes, including ApoE4 homozygotes, and no treatment-related serious events or discontinuations.
• Blinded six-month biomarker results showed approximately 15% and 13.3% declines in plasma p-tau217 and CSF MTBR-tau243, respectively, which management views as early evidence of target engagement; however, the data are exploratory and do not establish efficacy.
• The company expects all PRECISE-AD patients to complete 12 months of dosing in the fourth quarter of 2026 and plans to report unblinded top-line safety, biomarker, and cognitive data in the first quarter of 2027.
• ProMIS ended the quarter with approximately CAD 53.4 million in cash and short-term investments and expects its current resources to fund operations through 2027, including the anticipated PRECISE-AD readout.
• The company is advancing PMN267 for ALS and PMN442 for synucleinopathies toward IND-enabling studies, while also developing a subcutaneous PMN310 formulation and evaluating potential strategic partnerships or financing options for future trials.

Promis Neurosciences Stock Up 2.0%

Shares of PMN stock traded up $0.29 during mid-day trading on Thursday, reaching $14.79. 14,658 shares of the company's stock traded hands, compared to its average volume of 110,751. The company's 50-day moving average price is $12.54 and its 200-day moving average price is $13.56. The company has a market cap of $132.64 million, a P/E ratio of -1.02 and a beta of -0.23. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $27.40.

Analyst Upgrades and Downgrades

PMN has been the subject of a number of research reports. Zacks Research upgraded shares of Promis Neurosciences to a "hold" rating in a research report on Tuesday, June 9th. Roth Capital began coverage on Promis Neurosciences in a report on Tuesday, July 7th. They set a "buy" rating and a $19.00 price objective for the company. Wall Street Zen raised Promis Neurosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 18th. Weiss Ratings lowered shares of Promis Neurosciences from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Finally, Guggenheim restated a "buy" rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Promis Neurosciences currently has an average rating of "Moderate Buy" and an average target price of $31.50.

Institutional Investors Weigh In On Promis Neurosciences

A hedge fund recently raised its stake in Promis Neurosciences stock. Armistice Capital LLC lifted its position in shares of Promis Neurosciences (NASDAQ:PMN - Free Report) by 39.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,974,518 shares of the company's stock after acquiring an additional 836,622 shares during the period. Armistice Capital LLC owned approximately 5.53% of Promis Neurosciences worth $1,264,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 50.13% of the company's stock.

About Promis Neurosciences

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company's research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer's disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source