H.C. Wainwright raises TriSalus stock price target on FDA approval

H.C. Wainwright has increased its price target for TriSalus Life Sciences (NASDAQ:TLSI) to $12.00, up from $11.00, granting the company a Buy rating. The current stock price is $4.93, indicating potential for substantial gains. Analysts are optimistic, with strong buy consensus and price targets ranging from $7 to $14. The FDA recently approved commercialization of TriNav Advance, a pressure-generating valve technology that can be used with microcatheters to access smaller vessels.

This approval, initially delayed, will allow TriSalus to expand its market presence in more selective liver procedures, from around 10%-15% to approximately 15%-20%. Management anticipates the new device could potentially open doors into small-vessel procedures beyond the liver, such as genicular artery and prostate artery embolization, with the former possibly entering the market as early as 2029.

Despite the strong outlook, TriSalus has not yet achieved profitability, and the company continues to exclude the more recent prostate artery embolization indication from its financial forecasts and price target, pending further development. Recently, TriSalus reported a revenue of $11.4 million for its second quarter, slightly above expectations, but faced an adjusted EBITDA loss of $7.1 million and increased marketing expenses.

The FDA's clearance of TriNav Advance for the pressure-enabled drug delivery market is a significant step forward, potentially offering greater flexibility for interventional radiologists in various procedures.