Plus Therapeutics Inc. (PSTV) PT Lowered to $3 at H.C. Wainwright

H.C. Wainwright analyst Sean Lee lowered the price target on Plus Therapeutics Inc. (NASDAQ: PSTV) to $3.00 (from $5.50) while maintaining a Buy rating.

The analyst commented: "Plus Therapeutics provided a corporate update and held a conference call on June 26. According to management, the company is ready to begin commercializing its CNSide diagnostic in 2H25. The company has set up a centralized testing facility in Houston and plans to initially launch the assay in Texas starting in Q3, with additional rollouts to the rest of the U.S. over the remainder of 2025 and 2026. Recall, in November 2024 the company presented results of the FORESEE study for the use of the CNSide as a diagnostic and biomarker for managing leptomeningeal metastasis (LM), which showed that CNSide is able to achieve high sensitivity of up to 92% and high specificity of up to 95%. We note that previously from 2020 to 2024, approximately 11,000 CNSide tests have been performed under previous ownership, with an average of 4 tests done per patient. According to management, up to 500,000 patients per year with primary CNS tumors or CNS metastases could benefit from using CNSide for diagnosis and disease monitoring. The company is also working with payers on reimbursement agreements that cover CNSide. Currently, we expect CNSide to generate revenues of approximately $2M in 2025, growing to $38M by 2032. Reiterate Buy rating while lowering PT to $3.00 from $5.50."

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