Ascendiant Capital Lowers Price Target for Plus Therapeutics (NASDAQ:PSTV) to $20.00 Amid Disappointing Q2 Results
Ascendiant Capital, a leading investment firm, has revised its price target for NASDAQ:PSTV, Plus Therapeutics Inc., to $20.00 from the previous $21.00, maintaining a Buy rating on the stock. This adjustment comes after the company's Q2 2024 financial results fell short of analyst and consensus expectations.
Plus Therapeutics reported Q2 revenue of $1.3 million, below the anticipated range of $1.6 to $1.7 million, and an EPS of $(0.71), resulting in a net loss of $7.6 million. These figures were not in line with the estimated $(0.37) and consensus of $(0.53). Additionally, the company did not provide financial guidance for Q2.
Ascendiant Capital notes the absence of financial guidance for the year 2024 from Plus Therapeutics' management and suggests a potential near-term expectation of a quarterly cash burn rate of around $3 million. The firm has adjusted its 2024 revenue estimates for the company to $5 million from $7 million and revised the EPS estimate to $(2.00) from $(1.69).
These changes in the financial outlook for Plus Therapeutics reflect the recent earnings miss and the lack of guidance from the company's management.
In conclusion, investors should take note of Ascendiant Capital's revised price target and the company's disappointing Q2 results. It is essential to analyze the potential impact of these developments on one's investment portfolio and make informed decisions based on the new information provided. Stay informed and stay ahead in the financial markets.
