Canaccord Genuity Reiterates Buy Rating on Natera (NTRA)

Canaccord Genuity analyst Kyle Mikson reiterated a Buy rating and $145.00 price target on Natera (NASDAQ: NTRA).

The analyst commented: "We reiterate our BUY rating on Natera (NTRA) shares and maintain our price target at $145. On Sunday, September 8, Natera announced it would be presenting new data from the GALAXY observational arm of the CIRCULATE-Japan trial at the 2024 European Society for Medical Oncology (ESMO) Congress (September 13-16). NTRA provided takeaways from this data, including a 10x advantage to colorectal cancer (CRC) patient's overall survival (OS) that tested Signatera-negative (i.e., molecular residual disease [MRD] was not detected). These results compare favorably to guideline recommended biomarkers. Additionally, we note that Natera expects to provide a top-line data readout for the ALTAIR study in roughly January 2025. Results from these studies could lead to inclusion in National Comprehensive Cancer Network (NCCN) guidelines and expanded commercial coverage for Signatera. Overall, NTRA remains the clear leader in the MRD testing market (a potentially large addressable opportunity). Moreover, we believe the company is positioned to expand its share of the MRD testing market and should continue to benefit from its momentum in Women's Health as well. In our opinion, Natera remains undervalued, as the shares offer attractive upside potential to our DCF-based price target."

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

Shares of Natera closed at $117.66 yesterday.

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