Needham analyst Michael Matson has reiterated their bullish stance on PSNL stock, giving a Buy rating on November 6.
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Michael Matson has given his Buy rating due to a combination of factors that highlight Personalis’s promising outlook. The company recently secured Medicare coverage for its NeXT Personal MRD test, which is used for monitoring cancer recurrence in breast cancer patients. This coverage applies to patients with stage II and III breast cancer across all major subtypes, marking a significant milestone as it is the first Medicare-covered MRD indication for NeXT Personal.
The test’s high sensitivity, as demonstrated in a recent study, positions it well in the market, detecting cancer recurrence significantly earlier than standard imaging methods. With the MRD market valued at over $20 billion and currently underpenetrated, Personalis stands to benefit from substantial growth opportunities. The anticipated increase in clinical testing revenue and improved gross margins due to Medicare reimbursements further support the positive outlook, making the stock an attractive investment.
In another report released on November 6, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.