PAVmed price target lowered to $4 at Lake Street

Lake Street lowered the firm’s price target on PAVmed to $4 from $22.50 and keeps a Buy rating on the shares, noting that its revised target is 15-for-1 split-adjusted. Record quarterly revenue of $1.0M, up 33% quarter-over-quarter, was “the result of solid traction in the Lucid business,” says the analyst, who also notes that the company filed a going concern given the repayment of some Lucid debt fell within one year. However, the firm expects the maturity will be extended and the recent financing to relieve the going concern, the analyst added.