Jason McCarthy, an analyst from Maxim Group, maintained the Buy rating on Plus Therapeutics. The associated price target remains the same with $3.00.
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Jason McCarthy has given his Buy rating due to a combination of factors including Plus Therapeutics’ recent strategic advancements and partnerships. The company has secured a national coverage agreement with UnitedHealthcare, significantly expanding the coverage of their CNSide test to 51 million lives, which is a substantial step towards unlocking revenue potential in the market for patients with leptomeningeal metastases and those at risk.
Additionally, Plus Therapeutics has made significant progress in establishing a scalable infrastructure and market access strategy for CNSide, which includes gaining proprietary reimbursement codes and value-based pricing. This positions the company to overcome previous challenges faced by its predecessor, Biocept, and to capitalize on the test’s potential to provide more sensitive and informative diagnostics for CNS tumors. The successful completion of the FORESEE study further supports the clinical utility of CNSide, enhancing its appeal to payers and healthcare providers. These strategic moves are expected to drive profitability and market penetration, justifying the Buy rating.
In another report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $3.00 price target.
PSTV’s price has also changed dramatically for the past six months – from $1.430 to $0.563, which is a -60.63% drop .