Canaccord Genuity cuts Delcath PT ahead of FDA meet for cancer product

Delcath Systems

08/04/2022 18:50

** Canaccord Genuity trims price target on medical device
maker's  DCTH.O  stock to $20 from $24, reiterates "buy" rating
    ** DCTH has a meeting scheduled with the U.S. Food and Drug
Administration (FDA) this month for its cancer product Hepzato's
marketing application  urn:newsml:reuters.com:*:nGNX3mgsM0 
    ** Brokerage says co likely to ask the FDA for rolling new
drug application (NDA) submission to meet its goal of re-filing
Hepzato application by mid-2022
    ** Adds that year-end approval by FDA could help DCTH to
study product for other liver cancer indications, with larger
patient populations and commercial opportunities
    ** Hepzato is a drug-device combination product being tested
in a late-stage study as a treatment for an extremely rare form
of cancer that affects the eye 
    ** All five brokerages covering stock rate it "buy" or
higher; their median PT is $22, more than 3x stock's Thursday
close - Refinitiv data
    ** Including Friday's session, DCTH down ~16% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))