Plus Therapeutics, the Healthcare sector company, was revisited by a Wall Street analyst on October 31. Analyst Jason McCarthy from Maxim Group maintained a Buy rating on the stock and has a $3.00 price target.
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Jason McCarthy has given his Buy rating due to a combination of factors that highlight Plus Therapeutics’ potential for growth and success. The company has made significant strides with the launch of CNSide, a diagnostic platform for leptomeningeal metastases (LM), which has gained traction through a national coverage agreement with UnitedHealthcare, expanding its reach to 51 million covered lives. This development is crucial as it opens up revenue opportunities within a large patient population in the U.S.
Additionally, Plus Therapeutics has shown promising clinical progress with positive data from its Phase 1 trial and ongoing dose optimization studies for LM. The company is strategically positioned to advance CNSide as a standalone diagnostic tool, supported by a robust market access strategy and infrastructure for centralized testing. With a strong financial position, bolstered by grants and stock purchase agreements, Plus Therapeutics is well-equipped to continue its commercialization efforts and capitalize on the unmet needs in LM detection and treatment.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $2.00 price target.