Plus Therapeutics: Underpenetrated CNSide Commercial Potential and Reyobiq Accelerated-Approval Upside Support Buy Rating into 2026

Analyst Sean Lee CFA from H.C. Wainwright maintained a Buy rating on Plus Therapeutics and decreased the price target to $1.00 from $2.00.

Sean Lee CFA has given his Buy rating due to a combination of factors tied to Plus Therapeutics’ commercial and clinical outlook heading into 2026. He highlights management’s expectations for meaningful early commercialization of the CNSide platform, including broad reimbursement access, growing physician adoption, and the expansion of CSF-based tumor tests, which together point to an initial but scalable revenue base. The company’s guidance implies several million dollars in CNSide revenue in 2026 with a realistic path to breakeven shortly thereafter, supported by a large addressable population of patients with CNS metastases that would require multiple tests per patient. In Lee’s view, this positions CNSide as an underpenetrated opportunity where current targets reflect only a modest share of the potential market.
On the clinical side, Lee underscores the significance of Reyobiq’s development trajectory and regulatory positioning. The FDA’s openness to an accelerated approval pathway for Reyobiq in leptomeningeal metastasis signals recognition of both the severity of the disease and the promise of the therapy. Early clinical data, showing high response rates, extended survival versus historical outcomes, and a favorable safety profile with no maximum tolerated dose reached, support the potential for improved outcomes in ongoing and future studies. Combined with the recent capital raise that extends the company’s financial runway through these key inflection points, Lee views Plus Therapeutics as well funded to execute its plans, justifying his continued Buy recommendation.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSTV in relation to earlier this year.