Analyst Mark Massaro of BTIG reiterated a Buy rating on Lucid Diagnostics, boosting the price target to $2.50.
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Mark Massaro’s rating is based on the overwhelmingly positive support from clinicians for Lucid Diagnostics’ EsoGuard test, as highlighted during a recent CMS meeting. The test is seen as a crucial tool in addressing the unmet need for non-invasive screening for esophageal adenocarcinoma, with a significant potential market of around 30 million at-risk Americans. The EsoGuard test’s high negative predictive value and its potential to improve patient compliance with standard-of-care procedures were key factors in Massaro’s positive outlook.
Additionally, the meeting featured influential stakeholders from various Medicare jurisdictions, indicating strong institutional interest in the test. While Medicare currently represents a smaller portion of Lucid’s volumes, the anticipated increase in coverage could significantly boost the company’s market penetration. Massaro’s increased price target for Lucid Diagnostics reflects the expected growth in revenue and market acceptance, supported by the test’s medical necessity and potential Medicare coverage.
In another report released today, Needham also maintained a Buy rating on the stock with a $3.00 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.