Wedbush is maintaining its Outperform rating and fair value of $16 on shares of Delcath Systems, Inc. DCTH.
“Our $16 fair value is derived from 5x (historical multiple for a novel device product) our 2015 sales estimate ($~400 million), discounted back 5.75 years at 20% per year, and includes the effect of the exercise of the 3.8 million warrants outstanding and an increase in the share count by 5 million shares for a future potential financing,” Wedbush writes.
“Upside to these expectations could come from more off label utilization than we are presently modeling.”
Delcath Systems closed Monday at $7.18.
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