Buy Rating Affirmed for PAVmed with Strategic Focus on Lucid Diagnostics and Veris Cancer Care Amid Adjusted Price Target

Anthony Vendetti, an analyst from Maxim Group, has initiated a new Buy rating on PAVmed (PAVM).

Anthony Vendetti has given his Buy rating due to a combination of factors including the alignment of PAVmed’s fourth-quarter revenues with estimates and the progress made by Lucid Diagnostics, a majority-owned subsidiary. The growth in Lucid Diagnostic’s revenue from EsoGuard testing, which increased by 33% year-over-year, is particularly notable. PAVmed’s strategic shift in its Veris Cancer Care Platform (VCCP) to focus on large academic and regional cancer centers is seen as a prudent move, considering these centers’ significant role in U.S. cancer care and their potential for partnerships and capital provision. Vendetti acknowledges the potential in these new strategies and the development of PAVmed’s medical device portfolio through the establishment of a new incubator.
Despite lowering the 12-month price target to $9 due to adjusted revenue estimates and the deferral of Veris revenue, Vendetti maintains a positive outlook on PAVmed’s future. This optimism is bolstered by the anticipation of revenue from Lucid and the VCCP, as well as the company’s ability to sustain its operations into the fourth quarter of 2024 based on its current capital. The launch of the wholly owned incubator, PMX, is expected to rejuvenate the development and potential commercialization of PAVmed’s medical devices without additional financial strain, starting with PortIO. Vendetti’s confidence in the company’s multi-pronged commercialization approach and the significant growth opportunities from both Lucid and Veris Health underpin his Buy rating.

In another report released yesterday, Lake Street also upgraded the stock to a Buy with a $4.00 price target.

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PAVmed (PAVM) Company Description:

PAVmed, Inc. is a medical device company, which develops and commercializes a pipeline of medical products. Its product portfolio includes DisappEAR, PORTIO, Caldus, Carpx, NextCath, and NextFlo. The company was founded on June 26, 2014 and is headquartered in New York, NY.