Delcath Systems: Strong Hepzato Momentum and Center Expansion Drive Buy Rating and $30 Target Despite Execution and Clinical Risks

Delcath Systems, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on the stock and has a $30.00 price target.

Swayampakula Ramakanth has given his Buy rating due to a combination of factors supporting Delcath Systems’ growth outlook and valuation. He notes that preliminary 2025 results came in ahead of both his estimates and the company’s own guidance, with particularly strong performance from Hepzato and solid cash generation that improved the year-end balance. The sharp increase in Hepzato procedure volume and the steady build-out of active treatment centers, along with additional sites already taking referrals, reinforce his view that the company can reach its goal of 40 active centers by the end of 2026. Management’s plans to expand the sales force, the anticipated publication of CHOPIN data, and ongoing progress in new indications such as metastatic colorectal and HER2‑negative metastatic breast cancer further underpin his confidence in continuing adoption and revenue expansion.
Ramakanth’s $30.00 price target is supported by a risk-adjusted net present value analysis focused on projected future Hepzato revenues, using a 7.5% discount rate and no terminal growth, which yields an enterprise value of approximately $1.5 billion. When net cash is added to this product value, the resulting equity valuation supports his 12‑month price objective for DCTH shares. While he acknowledges key risks—including commercial execution, clinical outcomes, regulatory developments, and competitive pressures—he concludes that the upside potential from current levels outweighs these uncertainties. On this basis, he reiterates a Buy rating on Delcath Systems.

In another report released today, Clear Street also maintained a Buy rating on the stock with a $29.00 price target.