Needham analyst Michael Matson maintained a Buy rating on Lucid Diagnostics (LUCD – Research Report) today and set a price target of $2.50.
Michael Matson has given his Buy rating due to a combination of factors that highlight Lucid Diagnostics’ progress and potential in the medical diagnostics field. The recent update in the National Comprehensive Cancer Network (NCCN) guidelines, which now includes a section on esophageal precancer screening, recognizes the EsoGuard test as a viable alternative to invasive procedures. This acknowledgment aligns with previous guidelines from the American College of Gastroenterology, enhancing the test’s credibility.
Additionally, the Centers for Medicare and Medicaid Services (CMS) has established a local coverage determination that outlines the criteria for test reimbursement, which Lucid Diagnostics is on track to meet with its published data. The acceptance of the ENVET-BE study for publication further strengthens the clinical utility of EsoGuard, potentially paving the way for Medicare reimbursement. Moreover, the recent commercial payor coverage by Highmark Blue Cross Blue Shield in New York signifies growing acceptance and financial viability for the company, with payment rates aligning closely with Medicare’s. These developments collectively support the Buy rating by demonstrating both clinical and commercial advancements for Lucid Diagnostics.
In another report released on March 17, BTIG also reiterated a Buy rating on the stock with a $2.50 price target.