Helius Medical price target raised to $24 from $5 at Roth MKM

Roth MKM raised the firm’s price target on Helius Medical to $24 from $5 due to the 1-for-50 reverse split and several model adjustments, while keeping a Buy rating on the shares. The firm also notes that CMS has recently assigned HCPCS Level II codes A4593 and A4594 to the PoNS controller and mouthpiece, respectively, a significant step toward reimbursement that will become fully effective on October 1, 2024. The PoNSTEP and several other programs, plus some cash pay should increase patient exposure to PoNS, ultimately helping Helius accumulate the data needed for third-party reimbursement and thus its full commercial potential, Roth adds.