Maxim starts BioAffinity Technologies at Buy on CyPath Lung potential

As previously reported, Maxim initiated coverage of BioAffinity Technologies with a Buy rating and $6 price target. The company is focused on changing the paradigm for the early detection of cancers, and its initial product, CyPath Lung – uses a patient’s sputum and proprietary automated analysis of flow cytometry data to accurately diagnose early-stage lung cancer, the analyst tells investors in a research note. Lung cancer accounts for roughly 20% of all cancer deaths in the U.S. and only 18.6%-26.6% of patients diagnosed will survive to the five-year mark, but if caught early and surgically excised, the survival rate jumps to 63%-92%, Maxim states, adding that based on the updated clinical guidelines for lung cancer screening, BioAffinity’s target testing population is roughly 14M, with a total addressable market of $14B.