Wedbush analyst David Nierengarten on Monday reiterated an Outperform rating and a 12-month price target of $11 for Perspective Therapeutics, Inc. (CATX), a clinical-stage radiopharmaceutical company.
Perspective develops precision-targeted alpha therapies (TAT) to treat cancer. Its clinical-stage programs include VMT-a-NET for Neuroendocrine tumours, VMT01/02 for Melanoma, and PSV359 for Solid Tumours.
The lead program, VMT-a-NET, is under a phase 1/2a trial in adult subjects with unresectable or metastatic SSTR2-expressing neuroendocrine tumors (NETs) who have not received prior peptide receptor radionuclide therapy.
The company presented updated interim data from the ongoing phase 1/2a trial of VMT-a-NET at the American Association for Cancer Research (AACR) Annual Meeting yesterday. This update includes 12 additional weeks of patient follow-up since the January 2025 update and expands the total number of treated patients to 64.
According to the company, the updated analyses continue to support the compelling overall clinical profile of VMT-a-NET as a treatment for GEP-NETs at the Cohort 2 dose level of 5 mCi per dose or up to 20 mCi cumulatively. The VMT-a-NET study is on track to achieve nearly one year of follow-up in all 46 patients in Cohort 2 by mid-2026.
Initial efficacy data from an additional 23 patients in Cohort 2 and the first eight patients in Cohort 3 are expected later this year.
Analyst David said, "We would be buyers of shares ahead of the meaningful data and regulatory catalysts expected throughout 2026."
He added, "We continue to view VMT-a-NET as a frontrunner in targeted alpha therapy for SSTR2+ NETs, especially given SNY's recent deprioritization of AlphaMedix, which we viewed as the main competitor for VMT-a-NET."
CATX has traded between $1.86 and $6.16 over the last year. The stock closed Monday's trade at $4.55, up 8.33%. In the after-hours market, CATX was up 0.44% at $4.57.
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