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Investing.com - Cantor Fitzgerald has reiterated its Overweight rating and $3.00 price target on Lucid Diagnostics Inc. (NASDAQ:LUCD) following the company’s third-quarter 2025 financial results.
Lucid Diagnostics reported revenue of $1.2 million for the third quarter, representing year-over-year growth of approximately 3%, driven by increased EsoGuard testing volume. The reported revenue fell short of Cantor Fitzgerald’s estimate of $1.7 million and the FactSet consensus of $1.3 million.
The company performed 2,841 tests during the quarter, which falls within its target range of 2,500-3,000 tests per quarter. This testing volume continues to support the company’s growth strategy as it works toward broader reimbursement coverage.
Cantor Fitzgerald noted that MolDx held a Contractor Advisory Committee meeting in September, which featured positive commentary from medical experts, potentially increasing the likelihood of Lucid Diagnostics receiving reimbursement coverage for its tests.
The research firm believes Lucid Diagnostics is approaching a transition from volume growth to revenue growth, though it acknowledged that the path to coverage has taken longer than anticipated. Cantor maintains that the company offers a unique test that addresses market needs and is supported by strong clinical data.
In other recent news, Lucid Group, Inc. announced it has successfully raised $975 million through a convertible notes offering, which included an option for an additional $100 million in notes. The company used approximately $752.2 million of these funds to repurchase outstanding notes due in 2026, with the remainder earmarked for general corporate purposes. Benchmark has adjusted its price target for Lucid to $30, citing the recent pricing of $875 million in senior unsecured convertible notes due 2031. These notes carry a 7.00% interest rate and include a conversion premium, resulting in an initial conversion price of about $20.81. Stifel also lowered its price target for Lucid to $17, following the company’s third-quarter 2025 revenue report of $336.6 million, which although a record for the quarter, did not meet analyst expectations. Additionally, Lucid has narrowed its 2025 production guidance to 18,000 units. These developments reflect Lucid’s ongoing efforts to manage its capital needs and strategic financial planning.
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