Canaccord Genuity Thinks ProMetic Life’s Stock is Going to Recover

By Ryan Adsit

Wall Street analyst has provided a review for the Healthcare company today, but retained the same rating on the stock. ProMetic Life (TSX: PLI) received a Buy rating from Canaccord Genuity’s analyst Neil Maruoka, with a C$4.50 price target.

Maruoka commented:

“We have included the additional cash and shares in our financial model, and are modestly lowering our price target to C$4.50 (from C$4.75). Moreover, given the dilution and near-term uncertainty related to the FDA, we are removing ProMetic from our Canadian Focus List. We continue to see a number of catalysts lined up for ProMetic in coming weeks and months including the potential for an abbreviated Priority Review for plasminogen, and more clinical data from PBI-4050 in Alström syndrome. Investment highlights We believe plasminogen could still see a second half approval. The plasminogen BLA is supported by strong clinical data, Orphan Drug designation, and an Accelerated Approval pathway.”

According to TipRanks.com, Maruoka is ranked 0 out of 5 stars with an average return of -3.3% and a 33.1% success rate. Maruoka covers the Healthcare sector, focusing on stocks such as Merus Labs International, Cardiome Pharma Corp, and Concordia Healthcare.

ProMetic Life has an analyst consensus of Strong Buy, with a price target consensus of C$4.44.

The company has a one year high of C$3.24 and a one year low of C$1.47. Currently, ProMetic Life has an average volume of 780.7K.

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 Friday at $1.65, close to its 52-week low of $1.47.