Canaccord Genuity analyst Kyle Mikson CFA has maintained their bullish stance on LUCD stock, giving a Buy rating today.
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Kyle Mikson CFA’s rating is based on several key factors that highlight the potential for Lucid Diagnostics’ growth. Despite the company’s recent quarterly results falling slightly below expectations, the increase in the average selling price of EsoGuard tests and the modest rise in test volume are positive indicators. The potential for Medicare reimbursement is a critical catalyst, as it could significantly boost test volumes and revenue, enhancing the attractiveness of Lucid’s stock.
Furthermore, the unanimous support from medical experts at the Contractor Advisory Committee meeting for Medicare coverage of EsoGuard is a promising development. The anticipation of a draft Local Coverage Determination by the end of 2025 is seen as a pivotal step towards securing Medicare coverage. Additionally, Lucid’s proactive efforts in expanding visibility and engaging with commercial payers, alongside their strategic execution and clinical validation, underscore the long-term adoption potential of their offerings, supporting the Buy rating.
According to TipRanks, Mikson CFA is an analyst with an average return of -0.1% and a 35.41% success rate. Mikson CFA covers the Healthcare sector, focusing on stocks such as Guardant Health, Quantum-Si, and Lucid Diagnostics.
In another report released today, Needham also reiterated a Buy rating on the stock with a $3.00 price target.