TD Securities Reiterates Their Buy Rating on ProMetic Life

By Jason Carr

Wall Street analyst has provided a review for the Healthcare company on May 16, but retained the same rating on the stock. Analyst Lennox Gibbs from TD Securities rated ProMetic Life (TSX: PLI) a Buy on on May 16, setting a C$4.50 price target.

Gibbs observed:

“We believe that ProMetic offers significant long-term upside potential based on its leadership in bioseparation technology, combined with its therapeutics development program. Our $4.50 target price is heavily weighted to high-value therapeutics that are still in development.”

According to TipRanks.com, Gibbs is a 1-star analyst with an average return of -0.7% and a 29.2% success rate. Gibbs covers the Healthcare sector, focusing on stocks such as Merus Labs International, Concordia Healthcare, and Valeant Pharma.

Currently, the analyst consensus on ProMetic Life is Strong Buy and the average price target is C$4.50, representing an 118.4% upside.

In a report issued on May 16, Canaccord Genuity also reiterated a Buy rating on the stock with a C$4.75 price target.

Based on ProMetic Life’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$4.87 million and GAAP net loss of C$26.4 million. In comparison, last year the company earned revenue of C$5.25 million and had a GAAP net loss of C$15.58 million.

ProMetic Life Sciences Inc. engages in the manufacturing of biopharmaceutical products. It engages in purification of biologics, drug development, proteomics and the elimination of pathogens. The company operates through two segments: Small Molecule Therapeutics and Protein Technology. The Protein Technologies segment comprises of the following operating subsidiaries: ProMetic BioProduction Inc., ProMetic BioTherapeutics Inc., ProMetic BioSciences Ltd. and NantPro BioSciences LLC. The Small Molecule Therapeutics segment is comprised of one entity, ProMetic BioSciences Inc., which develops orally active drugs that can emulate the activity of proven biologics, and provide advantages including improved pharmaco-economics and safety profiles. Its pipeline includes pbi-4050, plasminogen, ivig, aat, c1 inh, fibrinogen, ppps and human plasma derived. ProMetic Life Sciences was founded by Pierre Laurin on October 14, 1994 and is headquartered in Laval, Canada.

The company’s shares closed last Wednesday at $2.06.