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On Friday, H.C. Wainwright analyst Sean Lee adjusted the price target for Plus Therapeutics Inc. (NASDAQ:PSTV) shares, reducing it to $5.50 from the previous $8.00. Despite this change, the firm maintained a Buy rating on the stock. The stock has shown strong momentum recently, with a 29% gain in the past week and a 32% return year-to-date, according to InvestingPro data. The revision follows the company’s announcement of its financial results and a corporate update provided on Thursday.
Plus Therapeutics disclosed its financial outcomes for the year 2024, reporting grant revenues of $5.8 million, which fell slightly short of the consensus revenue estimate of $6.4 million. The company also reported a net loss of $1.95 per share, closely aligning with the consensus estimate of a $1.94 per share loss. InvestingPro data reveals concerning metrics, including weak gross profit margins and rapid cash burn. Two analysts have recently revised their earnings expectations downward for the upcoming period. In response to these figures, H.C. Wainwright updated its financial model for Plus Therapeutics.
Looking ahead, H.C. Wainwright forecasts total grant and product revenues of $11.4 million for Plus Therapeutics in the year 2025, with a projected net loss of $0.34 per share. At the conclusion of 2024, Plus Therapeutics reported having $3.6 million in cash and cash equivalents. Subsequently, the company completed a $15 million private placement in March 2025, which bolstered its pro forma cash position to $18.6 million. With a current ratio of 0.44 and short-term obligations exceeding liquid assets, the additional funding was crucial. Analysts at H.C. Wainwright believe that these funds should be adequate to sustain the company’s operations through the first quarter of 2026.
The decision to lower the 12-month price target to $5.50 takes into account the increased number of outstanding shares and warrants associated with the recent private placement. Despite the reduction in price target, H.C. Wainwright reaffirmed its Buy rating, indicating continued confidence in the potential of Plus Therapeutics’ stock. According to InvestingPro’s Fair Value analysis, the stock appears to be overvalued at current levels. Discover more insights and 10+ additional ProTips for PSTV in the comprehensive Pro Research Report, available exclusively to subscribers.
In other recent news, Plus Therapeutics Inc. reported its financial results for the fourth quarter of 2024, revealing a net loss of $13 million, an improvement from the $13.3 million loss in 2023. The company’s grant revenue increased to $5.8 million from $4.9 million the previous year. Despite this, the operating loss rose to $14.7 million, highlighting challenges in cash management as reserves dropped to $3.6 million from $8.6 million. Plus Therapeutics is advancing its Ryobiq drug with FDA acceptance and orphan designation, and plans are in place for a limited launch of the C-Inside diagnostic test in 2025. The company also secured $15 million in gross proceeds from an underwritten equity financing, which, alongside anticipated grant funds, is expected to support operations through mid-2026. Additionally, Plus Therapeutics has strengthened its leadership team with key hires, including Dr. Mike Rosal as Chief Development Officer and Mr. Russ Bradley as President and General Manager of C-Inside. Looking ahead, the company anticipates grant revenue between $6 million and $8 million in 2025 and plans to initiate a multiple dose escalation trial for Ryobiq.
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