Personalis initiated with a Buy at Lake Street

Lake Street initiated coverage of Personalis with a Buy rating and $4 price target. Personalis is undertaking a transition where proprietary diagnostic products will serve as a key long-term revenue driver and the recent and “momentous” clinical launch of NeXT Personal Dx into the minimal residual disease, or MRD, testing market “sets the stage for data generation and publication, reimbursement applications, and, ultimately, adoption by the oncology community,” the analyst tells investors.