Delcath Systems price target lowered to $16 from $20 at BTIG

BTIG lowered the firm’s price target on Delcath Systems to $16 from $20 and keeps a Buy rating on the shares. Delcath’s Q3 results were slightly below expectations ahead of the HEPZATO U.S. launch, the analyst tells investors in a research note. The firm is taking a more conservative approach and modeling initial revenue contribution from HEPZATO beginning in late Q1, with sequential step-ups thereafter.