TriSalus Life Sciences (NASDAQ:TLSI) has seen its target price increased from $11.00 to $12.00 by Canaccord Genuity Group, according to a research note released on Wednesday. This adjustment reflects the firm’s ongoing confidence in the company, which they continue to rate as a “buy.”
The stock has garnered attention from multiple analysts recently. On November 28, 2023, Wall Street Zen upgraded its rating on TriSalus from “sell” to “hold.” Conversely, Weiss Ratings reaffirmed a “sell (d-)” rating, highlighting a mixed sentiment among investment analysts. Currently, of the five analysts covering TriSalus, three have issued a “buy” rating, one has assigned a “hold” rating, and one has given a “sell” rating. According to data from MarketBeat, the consensus rating for TriSalus Life Sciences stands at “hold,” with a consensus price target of $11.00.
Recent Financial Performance and Estimates
TriSalus Life Sciences reported its quarterly earnings on November 13, 2023. The company posted an earnings per share (EPS) of ($0.96), falling short of the consensus estimate of ($0.17) by a margin of ($0.79). Revenue for the quarter reached $11.57 million, slightly below analyst predictions of $11.76 million. Analysts anticipate that TriSalus will report an EPS of ($1.55) for the current fiscal year, reflecting ongoing challenges in its financial performance.
Institutional Investors Increase Holdings
Recent activity among institutional investors indicates growing interest in TriSalus Life Sciences. Nantahala Capital Management LLC increased its stake in the company by 2.0% during the third quarter, resulting in ownership of 2,040,245 shares valued at approximately $9.49 million after acquiring an additional 40,245 shares.
Additionally, Millennium Management LLC raised its holdings by 17.7%, now owning 35,612 shares worth $166,000 after purchasing an extra 5,359 shares. Other notable investors include Squarepoint Ops LLC and White Pine Capital LLC, which acquired new positions valued at approximately $343,000 and $278,000, respectively. Vanguard Group Inc. has significantly increased its stake by 42.4%, now owning 1,159,575 shares valued at $5.39 million after acquiring an additional 345,186 shares.
As of now, institutional investors hold 2.58% of TriSalus Life Sciences’ stock, underscoring a cautious but optimistic outlook among larger investment entities.
TriSalus Life Sciences focuses on developing non-invasive drug-device combination therapies for oncology applications. The company leverages proprietary technologies, such as electroporation and ultrasound platforms, aimed at improving the localized delivery and effectiveness of established chemotherapeutic agents while minimizing systemic toxicity. Its lead programs specifically target hard-to-treat head and neck cancers, addressing significant unmet needs in tumor control and patient tolerability. The company’s pipeline includes investigational candidates in early and mid-stage clinical trials, exploring combinations of electrochemotherapy with radiation therapy and immuno-oncology agents.
As TriSalus continues to navigate its financial challenges, the recent adjustments in target pricing and institutional investments may provide valuable insights into its future performance and potential recovery.
