Analyst Michael Matson of Needham reiterated a Buy rating on Personalis (PSNL – Research Report), retaining the price target of $3.50.
Michael Matson has given his Buy rating due to a combination of factors that underscore Personalis’s solid financial performance and promising business developments. The company’s earnings and revenue for the first quarter of 2024 surpassed consensus estimates, which is a strong indicator of its operational strength. Additionally, the upward revision of its revenue guidance for the year signals management’s confidence in continued growth and the company’s ability to deliver on its targets.
Furthermore, the slowed yet positive year-over-year revenue growth demonstrates resilience, especially within its Oncology segment and VA MVP revenue streams. Matson also finds promise in the reimbursement approval for Personalis’s NeXT Dx test and anticipates that its contribution to revenue will grow. The NeXT Personal’s early access program for minimal residual disease testing is making good progress, and with submission for reimbursement expected in 2024, it opens up potential in key areas like breast and lung cancer, as well as immunotherapy monitoring. These strategic moves by Personalis are likely to solidify its market position and offer long-term value, justifying the Buy rating.
In another report released on April 30, Lake Street also initiated coverage with a Buy rating on the stock with a $4.00 price target.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is neutral on the stock.
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Personalis (PSNL) Company Description:
Personalis, Inc. provides genomic sequencing and analytics solutions to support the development of personalized cancer vaccines and other next-generation cancer immunotherapies. The company was founded by Euan A. Ashley, Michael Snyder, Atul J. Butte, John S. West, and Russ B. Altman in 2011 and is headquartered in Menlo Park, CA.
