Update shared on 15 Dec 2025
Fair value Decreased 46%Narrative Update on Plus Therapeutics
Analysts have raised their price target on Plus Therapeutics to approximately 83.96 from about 114.72, citing a modestly higher assumed discount rate, slightly lower long term profit margins, and somewhat stronger revenue growth expectations that together point to a more balanced, though still optimistic, valuation profile.
What's in the News
- Presented three positive clinical data updates at the WFNOS/SNO Annual Meeting, including early ReSPECT-LM multidose trial results showing REYOBIQ was well tolerated at initial dosing levels and supporting continued dose optimization for leptomeningeal metastases patients (company announcement).
- Reported completion of a Phase 1 dose-escalation study of REYOBIQ in recurrent glioblastoma, with tumor doses up to 739.5 Gy, and provided a progress update on the ongoing Phase 2 portion of the ReSPECT-GBM trial (company announcement).
- Held a Type B meeting with the FDA to align on REYOBIQ’s clinical development plans for leptomeningeal metastases, including the design of a planned pivotal or registrational trial (company announcement).
- Highlighted significant nondilutive funding support, including a $17.6 million CPRIT grant for ReSPECT-LM and a $3 million U.S. Department of Defense grant for the ReSPECT-PBC pediatric brain cancer trial, alongside NCI support for ReSPECT-GBM (company announcement).
- Received an additional $1.9 million advance payment from CPRIT under the existing $17.6 million grant, further funding the ReSPECT-LM dose optimization trial and development of the CNSide LM diagnostic test as a pivotal endpoint (company announcement).
Valuation Changes
- Fair Value Estimate has declined significantly, from 3.0x to 1.63x, indicating a more conservative intrinsic value assessment.
- Discount Rate has risen slightly, from 6.78 percent to approximately 7.16 percent, reflecting a modestly higher perceived risk profile.
- Revenue Growth Assumption has increased moderately, from about 64.6 percent to approximately 68.2 percent, implying stronger long term top line expectations.
- Net Profit Margin Assumption has edged down slightly, from roughly 16.25 percent to about 16.03 percent, signaling a marginally less optimistic profitability outlook.
- Future P/E Multiple has fallen meaningfully, from about 114.7x to approximately 84.0x, suggesting a less aggressive valuation on expected earnings.
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