Lucid Diagnostics, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Michael Matson from Needham maintained a Buy rating on the stock and has a $3.00 price target.
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Michael Matson’s rating is based on several promising developments surrounding Lucid Diagnostics. The recent MolDX Contractor Advisory Committee Meeting highlighted the effectiveness of Lucid’s EsoGuard test, particularly its high clinical validity and utility in ruling out Barrett’s esophagus. The test’s 99% negative predictive value was emphasized as a significant factor in confidently triaging patients, and its non-invasive nature is expected to substantially increase compliance with upper endoscopy among high-risk groups.
Furthermore, the panelists at the meeting were unanimously positive about EsoGuard, with some describing it as a transformative tool in detecting Barrett’s esophagus and esophageal cancer. The potential for expanded insurance coverage, given the test’s high unmet need and low risk, was also noted. Matson anticipates that achieving Medicare MolDX coverage could be a significant catalyst for Lucid Diagnostics, potentially allowing the company to receive payment for a larger share of its testing volume and accelerating its revenue growth.
In another report released yesterday, BTIG also reiterated a Buy rating on the stock with a $2.50 price target.
Based on the recent corporate insider activity of 8 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 LUCD in relation to earlier this year.