Brainsway (BWAY) PT Raised to $30 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the price target on Brainsway (NASDAQ: BWAY) to $30.00 (from $24.00) while maintaining a Buy rating.

The analyst commented: "We draw investors' attention to the fact that BrainsWay recently announced Premarket Approval (PMA) receipt for Neurolief’s ProlivRx system, a Class III device, as an adjunctive treatment for adult patients suffering from major depressive disorder (MDD) who have failed to achieve satisfactory improvement from at least one previous antidepressant medication, for use at home or in the clinic. The FDA has approved this device for at-home use. This approval represents a significant regulatory milestone, making ProlivRx the first and only at-home neuromodulation treatment with FDA labeling applicable to treatment refractory MDD patients. The approval expands the clinical landscape beyond first-generation in-clinic care and reflects growing regulatory recognition of advanced neuromodulation solutions designed for use in the home setting. We remind investors that the recent FDA approval marks the authorization of the second Neurolief product in the U.S., since the Relivion MG device is currently FDA-cleared and CE-marked for the treatment of migraine. In the wake of the ProlivRx approval, we reiterate our Buy rating, while raising our 12-month price target to $30 from the prior $24 per share on BWAY. This is partially driven by a modest expansion in the forward earnings multiple derived from a universe of comparable companies to 7.3x from the prior ~7x along with the inclusion of $100M in total intrinsic value for BrainsWay's strategic investment in Neurolief."

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