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Brainsway Ltd . (NASDAQ:BWAY) shares have reached a notable milestone, touching a 52-week high of $11.0, signaling a period of strong performance for the company. According to InvestingPro data, analysts see further upside potential, with price targets ranging from $12.50 to $16.00. This peak represents a significant achievement for the medical device company, which has seen its stock price surge over the past year. Investors have been closely monitoring Brainsway (TASE:BWAY)'s progress, as the stock has demonstrated a remarkable 60.6% return over the past year. The company's strong financial position is evidenced by its impressive 4.52 current ratio and 34.19% revenue growth. This impressive growth trajectory has placed the company in a favorable position within the market, as shareholders celebrate the robust gains and the stock's resilience in reaching this 52-week high. InvestingPro subscribers can access 8 additional key insights about BWAY's valuation and growth prospects through the platform's comprehensive analysis tools.
In other recent news, BrainsWay has been experiencing positive developments in its clinical and financial performance. The company reported a significant 26% increase in revenue for the third quarter of 2024, reaching $10.5 million. This marks the fourth consecutive quarter of positive net income and adjusted EBITDA for the company. Valor Equity Partners also provided $20 million in equity financing, increasing the company's pro forma cash to $68.4 million.
H.C. Wainwright reaffirmed its Buy rating on BrainsWay shares, citing recent favorable clinical data. The company's Deep Transcranial Magnetic Stimulation (Deep TMS) therapy showed promising results in a double-blind, randomized crossover trial involving patients with chronic neuropathic pain. The therapy significantly reduced usual pain intensity and improved co-morbid symptoms such as anxiety and depression.
Additionally, BrainsWay reported encouraging results from a Stanford University pilot study on treating alcohol use disorder (AUD) with its Deep TMS technology. The U.S. National Institutes of Health awarded approximately $1.5 million to the research team to further explore Deep TMS in treating substance addictions. The company is also conducting an ongoing clinical trial for an accelerated treatment for major depressive disorder, with FDA clearance expected in 2025. These are the latest developments in the company's pursuit of innovative brain health treatments.
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