BrainsWay Wins Draft Highmark Coverage for Accelerated Deep TMS Depression Protocol

Brainsway ( (BWAY) ) just unveiled an announcement.

On January 21, 2026, BrainsWay announced that Highmark Blue Cross Blue Shield, which covers more than seven million members primarily in Pennsylvania, Delaware, West Virginia and parts of New York, has issued a draft medical policy to expand coverage for patients with major depressive disorder treated with BrainsWay’s accelerated Deep TMS protocol, including both adolescents and adults. The draft policy, expected to take effect in February 2026 following an open comment period, would cover the company’s accelerated SWIFT protocol—an intensive 38-session regimen delivered over six days of daily treatment followed by weekly maintenance—without requiring costly fMRI or neuronavigational equipment, potentially lowering operational barriers for clinics and broadening access. This development follows the FDA’s September 2025 clearance of BrainsWay’s accelerated depression protocol, supported by a multisite randomized non-inferiority trial showing response and remission rates comparable to standard Deep TMS, and signals growing payer acceptance that could materially strengthen BrainsWay’s market position in depression treatment and enhance reimbursement visibility for providers and patients in its core U.S. markets.

The most recent analyst rating on (BWAY) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Brainsway stock, see the BWAY Stock Forecast page.

Spark’s Take on BWAY Stock

According to Spark, TipRanks’ AI Analyst, BWAY is a Outperform.

The score is driven primarily by improved profitability, strong cash generation, and a low-leverage balance sheet, reinforced by raised guidance and strong Q3 operating momentum. These positives are tempered by a demanding P/E valuation and technically stretched momentum signals that raise near-term pullback risk.

To see Spark’s full report on BWAY stock, click here.

More about Brainsway

BrainsWay Ltd., founded in 2003 and operating in the United States and Israel, is a medical technology company specializing in noninvasive neurostimulation treatments for mental health disorders. Its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform is FDA-cleared for major depressive disorder (including anxious depression), obsessive-compulsive disorder and smoking addiction, and the company is pursuing additional clinical trials in a range of psychiatric, neurological and addiction indications to expand adoption and reimbursement of its therapies globally.

Average Trading Volume: 81,705

Technical Sentiment Signal: Buy

Current Market Cap: $439.7M

Find detailed analytics on BWAY stock on TipRanks’ Stock Analysis page.