Fresh trial data boosts shares of ALS drugmaker NeuroSense
Wall Street sees 12-fold upside in the name
Wall Street thinks NeuroSense Therapeutics stock has the potential to rise 12 times versus current levels / Photo: YouTube / NeuroSense Therapeutics
Quotes for NeuroSense Therapeutics, a micro-cap developer of therapies for amyotrophic lateral sclerosis (ALS), jumped nearly 6% in extended trading on Wednesday. Its ALS drug was markedly more effective than placebo in a mid-stage clinical trial, the company stated. Wall Street sees 12-fold upside in the stock.
Details
NeuroSense shares rose about 6% in extended trading on Wednesday after falling 14.7% to $0.85 apiece in the main session.
In a phase II clinical trial, its PrimeC drug for the treatment of ALS – an incurable disease in which motor neurons are progressively affected – “demonstrates a clinically meaningful and statistically significant improvement in overall survival for patients treated with PrimeC” versus placebo, the company stated. Patients who received PrimeC achieved an estimated median survival of 36.3 months, compared with 21.4 months for patients initially assigned to placebo before crossing over to active treatment with PrimeC. “These long-term survival data further validate the magnitude and durability of PrimeC's effect in ALS and reinforce its potential as a disease-modifying therapy,” NeuroSense CEO Alon Ben-Noon said.
The company said it continues to engage with U.S. regulators regarding the advancement of PrimeC into "pivotal late-stage development."
What analysts say
NeuroSense shares are up 11% year to date. Wall Street sees further upside. The average target price, based on three analysts' valuations, is $10.17 per share – nearly 12 times the closing price on Wednesday. All three analysts now unanimously recommend “buy”; a month earlier, the consensus included two “buy” ratings and one “hold.”
In October, Noble Capital Markets initiated on the stock with an “outperform” rating. It cited earlier study data showing PrimeC could slow disease progression and improve survival. The start of phase III trials is scheduled for this year, which means the drug could enter the U.S. market in 2029 and the Canadian market in 2027, Noble wrote. In Canada, therapies for life-threatening diseases can be registered under an accelerated pathway without completing the final phase of trials.
