On Wednesday, Oppenheimer adjusted its outlook on Perspective Therapeutics Inc (NYSE: CATX), raising the stock price target to $2.00 from $1.50, while reiterating an Outperform rating on the stock. The adjustment follows the company's release of its first-quarter financial results, which included updates on its various pipeline projects.
Perspective Therapeutics shared updates on its clinical stage assets, VMT-α-NET and VMT01, and its preclinical programs. The company disclosed that updated clinical data for VMT-α-NET, provided by its Indian collaborator, showed continued positive safety and efficacy results. This data was made available through the recently published SNMMI abstract.
The company also reported a strong financial position, with an ending cash balance of $181.6 million for the first quarter. Moreover, Perspective Therapeutics raised an extra $49.5 million through an at-the-market (ATM) offering in April. Notably, this fundraising included a significant investment from LNTH, which now holds approximately a 20% stake in the company. Alongside its investment, LNTH secured an option to negotiate a license for VMT-α-NET.
The firm forecasts an increase in spending as the company's existing trials expand and new ones commence. Still, the current cash reserves are expected to fund operations well into early 2026. Based on these developments and financial updates, Oppenheimer has revised its model for Perspective Therapeutics, leading to the increased price target.
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