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Cantor Fitzgerald raised its price target on Prenetics (NASDAQ:PRE) to $14.00 from $13.00 on Thursday, while maintaining an Overweight rating following the company’s first-quarter 2025 financial results. The stock, which has gained over 31% year-to-date, maintains a "GOOD" overall financial health score according to InvestingPro metrics.
The genomics company reported revenue from continuing operations of $17.3 million for the quarter, representing year-over-year growth of approximately 170%. This performance was primarily driven by Prenetics’ IM8 and Europa business lines, with IM8 contributing about $5.7 million in revenue following its commercial launch at the end of the fourth quarter of 2024. The company maintains a healthy gross profit margin of 50.3%, demonstrating strong operational efficiency.
Prenetics expects its IM8 business to increase approximately 50% in the second quarter as the company expands its customer base. The company also raised its guidance for 2025, though specific figures were not provided in the analyst note.
Cantor Fitzgerald noted that Prenetics remains committed to divesting its ACT Genomics business and plans to convert its balance sheet to cryptocurrency. The research firm highlighted that Prenetics is currently trading at 0.6 times enterprise value to estimated 2025 revenue.
The genomics company is positioned for strong revenue growth in 2025 while working toward break-even operations, according to Cantor Fitzgerald, which considers the shares undervalued compared to slower-growing peers trading at 6.1 times enterprise value to revenue. InvestingPro analysis suggests the stock is currently fairly valued, with all analysts maintaining a Strong Buy rating. Get detailed valuation metrics and 12 additional ProTips with an InvestingPro subscription.
In other recent news, Cantor Fitzgerald provided an update on the medical devices and supplies sector, highlighting the performance of several companies. MIMEDX Group Inc. reported a notable surge in the fourth quarter of 2024, with its stock rising 62.8% quarter-to-date. Organogenesis Holdings (NASDAQ:ORGO) Inc. also demonstrated strong performance, with its stock price increasing by 56.6% year-to-date. In contrast, Nyxoah SA experienced a decline, with shares falling 16.2% during the same period. AVITA Medical (TASE:BLWV) Inc. saw its shares decrease by 33.2% since the start of the year. Analysts from Cantor Fitzgerald are closely monitoring these trends, which may indicate broader movements within the healthcare market.
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