Analyst Josh Jennings of TD Cowen maintained a Buy rating on Humacyte (HUMA – Research Report), retaining the price target of $5.00.
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Josh Jennings has given his Buy rating due to a combination of factors, including the positive momentum seen in the launch of Humacyte’s product, Symvess. The initial sales figures are promising, with three hospitals having already purchased the product and five hospitals completing the VAC approval process, allowing them to acquire it. Additionally, the number of hospitals initiating the VAC process has increased, indicating growing interest and potential for further sales.
Moreover, Humacyte’s financial performance in the first quarter shows a strong position, with a significant net income driven by non-cash remeasurement gains and a successful follow-on public offering that raised substantial funds. This financial stability supports the continued rollout of Symvess. The company’s efforts to manage costs effectively and the anticipated listing in the ECAT system for military hospital purchases further bolster the growth prospects, reinforcing Jennings’s Buy recommendation.
According to TipRanks, Jennings is a 4-star analyst with an average return of 3.5% and a 51.31% success rate. Jennings covers the Healthcare sector, focusing on stocks such as Abbott Laboratories, Establishment Labs Holdings, and Edwards Lifesciences.