Sean Lee CFA, an analyst from H.C. Wainwright, maintained the Buy rating on Plus Therapeutics. The associated price target remains the same with $3.00.
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Sean Lee CFA has given his Buy rating due to a combination of factors including the successful launch of Plus Therapeutics’ CNSide in Texas. The choice of Texas as the initial market is strategic, given its proximity to the company’s laboratory and the presence of large cancer centers that can utilize CNSide. The product’s ease of use, where physicians simply collect and send CSF samples for centralized processing, enhances its appeal. The company is prepared to handle up to 500,000 patient samples annually and is actively working on reimbursement agreements, which could significantly boost its market penetration.
Additionally, new data presented at the SNO/ASCO CNS Metastases Conference demonstrated CNSide’s effectiveness in monitoring disease progression across various tumor types. The financial outlook is also promising, with projected revenues of $2M in 2025, growing to $38M by 2032. The company’s recent financial performance, including grant revenues and a lower-than-expected net loss, further supports the Buy rating. Plus Therapeutics’ cash reserves are deemed sufficient to fund operations through the first quarter of 2026, providing a stable financial foundation for future growth.