BTIG Starts Brainsway (BWAY) at Buy

BTIG analyst Sam Eiber initiates coverage on Brainsway (NASDAQ: BWAY) with a Buy rating and a price target of $18.00.

The analyst comments "We are initiating coverage of BrainsWay (BWAY) with a Buy rating and $18 price target. BrainsWay has demonstrated the ability to scale a TMS business into sustainable profitability, having now posted 11 consecutive quarters of positive adjusted EBITDA. It achieved this by transitioning toward a high-margin, recurring revenue platform that removed the upfront capital barrier constraining physician adoption, and by making minority investments in mental health clinic networks, providing those operators with growth capital to expand their footprint. That foundation sets up a clear growth path spanning new clinic partnerships with more than 200 identified targets, adjacent indications in comorbid PTSD/MDD and alcohol use disorder, and continued international expansion. Several secular tailwinds reinforce this outlook. The anticipated commercial entry of Compass Pathways' (CMPS, Buy, $25 PT; Analyst: Thomas Shrader) COMP360 psilocybin therapy could pull previously unreached patients into the interventional psychiatry ecosystem. An NDA submission is targeted for Q4 2026, with potential market entry in 1H27. Separately, expanding payor coverage for the SWIFT accelerated protocol reduces the visit burden that has historically kept patients on the sidelines. We believe the market is underappreciating both the durability of the core business and the breadth of the opportunities ahead."

For an analyst ratings summary and ratings history on Brainsway click here. For more ratings news on Brainsway click here.

Shares of Brainsway closed at $15.73 yesterday.

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