Buy Rating Affirmed for Lucid Diagnostics Amid Positive Financial and Clinical Milestones

Anthony Vendetti, an analyst from Maxim Group, reiterated the Buy rating on Lucid Diagnostics (LUCD – Research Report). The associated price target remains the same with $4.00.

Anthony Vendetti has given his Buy rating due to a combination of factors surrounding Lucid Diagnostics’s financial performance and clinical advancements. Lucid’s first quarter 2024 revenue met expectations, suggesting a stabilization in EsoGuard testing volumes, while the company’s efforts to secure broader reimbursement are ongoing. The positive clinical trial outcomes, particularly the National Cancer Institute-sponsored study, bolster the case for EsoGuard as a potential standard of care for esophageal testing. Furthermore, Lucid’s strategic pre-submission meeting with MolDX is a pivotal step towards gaining Medicare coverage for EsoGuard, which could significantly impact the company’s growth trajectory.

Vendetti also recognizes the company’s effective capital management, with sufficient funds to continue operations into the first quarter of 2025, and the efforts to expand payer coverage. The ‘Checkyourfoodtube’ events are gaining popularity and contributing to testing volumes, which supports revenue growth. Lucid is also actively engaging with health programs and seeking coverage with regional and national plans, which, although time-consuming, are anticipated to yield positive outcomes. These strategic initiatives, combined with the company’s unique technology and market potential, underpin Vendetti’s Buy rating and his expectation that Lucid Diagnostics could command a premium valuation in the market.

Vendetti covers the Healthcare sector, focusing on stocks such as Lucid Diagnostics, Nuwellis, and Biolase. According to TipRanks, Vendetti has an average return of -6.2% and a 33.00% success rate on recommended stocks.

In another report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $3.00 price target.

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Lucid Diagnostics (LUCD) Company Description:

Lucid Diagnostics Inc is a commercial-stage medical diagnostics technology company focused on the millions of patients with gastroesophageal reflux disease, also known as chronic heartburn, acid reflux or simply reflux, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma.