Craig-Hallum analyst Chase Knickerbocker lowered the firm’s price target on Delcath Systems (DCTH) to $20 from $24 and keeps a Buy rating on the shares following the company’s prerelease/guidance and CHOPIN data at ESMO. Phase 2 CHOPIN study data presented at ESMO showed a clear benefit for Chemosat/Hepzato combined with checkpoint inhibitors in metastatic uveal melanoma. However, this news was overshadowed by disappointing Q3 and FY25 guidance, with Q3 revenue guided to $20.5M and FY25 revenue to $83M-$85M, the firm says. Craig-Hallum expects the CHOPIN data to inform U.S. use of Hepzato in sequence with checkpoint inhibitors, potentially driving increased volume in the second half of 2026.
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