Marie Thibault, an analyst from BTIG, reiterated the Buy rating on Delcath Systems. The associated price target is $23.00.
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Marie Thibault’s rating is based on the promising CHOPIN data, which highlights the enhanced effectiveness of combination therapy over using Hepzato/Chemosat PHP alone. The data suggests that systemic therapy can be comfortably integrated with Hepzato in a multi-modal treatment regimen, potentially changing clinical practices. Dr. Vincent Ma, a key opinion leader, supports these findings, noting the significant benefits of combination therapy for eligible patients.
Despite a Q3 revenue shortfall due to scheduling conflicts and vacations, Delcath Systems has seen a recovery in new patient starts. However, the Q4 outlook might reflect seasonal challenges. The CHOPIN data is expected to boost the adoption of Hepzato, especially in cases where systemic therapy is the standard of care. This potential for increased uptake, along with strategic advisory boards discussing new protocols, supports the Buy rating and the $23 price target.