BTIG on Lucid Diagnostics Inc (LUCD): 'Lucid is in very early innings addressing a large unmet need'

BTIG analyst Mark Massaro reiterated a Buy rating and $2.50 price target on Lucid Diagnostics Inc (NASDAQ: LUCD).

The analyst comments "Raising capital in this environment is no small feat, particularly so for small cap companies that have not achieved profitability yet. Lucid strengthens its balance sheet and extends its cash runway after announcing this morning they raised gross proceeds of $25M. With this deal, we estimate the company's pro-forma cash balance increases to ~$58 million and extends its cash runway by ~3 quarters. Lucid has another significant catalyst just around the corner - both we and management believe there is a high likelihood that Medicare issues a positive coverage determination for Esoguard, and we are hopeful to see a positive draft LCD within ~2-3 months from now or so. Lucid is in very early innings addressing a large unmet need with its minimally invasive, commercially launched EsoGuard test, eligible to screen ~30M Americans at risk for esophageal adenocarcinoma (EAC), and has a Medicare price of $1,938/test, implying a big total addressable market of ~$60 billion. We reiterate our Buy rating and $2.50 PT on LUCD."

For an analyst ratings summary and ratings history on Lucid Diagnostics Inc click here. For more ratings news on Lucid Diagnostics Inc click here.

Shares of Lucid Diagnostics Inc closed at $1.27 yesterday.

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