ProMetic Life Gets a Buy Rating from Cantor Fitzgerald

By Carrie Williams

Yesterday, an analyst has provided a rating update for the Healthcare company, ProMetic Life (TSX: PLI). Analyst Mara Goldstein from Cantor Fitzgerald rated ProMetic Life (TSX: PLI) a Buy.

Goldstein said:

“Comprehensive Phase III. Prometic confirmed plans to initiate a multi-arm Phase III study in IPF, following a meeting with the FDA in early January. The study is to test PBI-4050 in IPF patients with mild-to-moderate disease, with or without prior exposure to OFEV/nintedanib (Boehringer Ingelheim – Private). The study is a multi-arm program exploring two doses, with a primary endpoint of annual rate of decline in FVC. An interim analysis is expected at 26 weeks, which we think could provide additional insight into the drug’s activity and possible synergies with nintedanib, given that the trial will include both treatment-naïve and experienced patients.”

According to TipRanks.com, Goldstein is a 2-star analyst with an average return of 0.9% and a 41.1% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Corvus Pharmaceuticals Inc.

Currently, the analyst consensus on ProMetic Life is Strong Buy and the average price target is C$3.75, representing an 115.5% upside.

In a report issued on January 29, Canaccord Genuity also assigned a Buy rating to the stock with a C$4 price target.

Based on ProMetic Life’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$24.03 million and GAAP net loss of C$15.54 million. In comparison, last year the company earned revenue of C$4.11 million and had a GAAP net loss of C$37.31 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 company’s shares closed on Wednesday at C$1.74.