Delcath Systems Rating Reiterated by Wedbush (DCTH)

Delcath Systems (NASDAQ: DCTH)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report released on Friday. They currently have a $5.00 target price on the stock, down from their previous target price of $9.55.

The analysts wrote, “We value DCTH off of a 5x multiple of 2016 sales (now $206 million vs. our previous $447 million), discounted back 3 years at 25% to YE:13 (plus 2016 cash). Our PT calculation now assumes 2016 shares/warrants of 123.8 million shares/warrants from 108.9 million. We expect a potentially positive FDA ODAC on May 2 and subsequent FDA approval in mid-June to lead to a sharp move up in DCTH’s stock to our $5 price target. Steady reimbursement and commercial progress in the EU and Asia, and new clinical work will, we believe, lead to continued positive momentum in the stock following the FDA catalysts.”

Shares of Delcath Systems (NASDAQ: DCTH) traded down 6.16% during mid-day trading on Friday, hitting $1.6516. Delcath Systems has a one year low of $1.01 and a one year high of $3.54. The stock’s 50-day moving average is currently $1.6. The company’s market cap is $150.6 million.

A number of other firms have also recently commented on DCTH. Analysts at Zacks downgraded shares of Delcath Systems from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, February 7th. They now have a $1.80 price target on the stock.

Delcath Systems, Inc. (Delcath) is a development-stage company that has developed a system designed to administer high dose chemotherapy and other therapeutic agents to diseased organs or regions of the body.

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