H.C. Wainwright raised the firm’s price target on Personalis (PSNL) to $11 from $9 and keeps a Buy rating on the shares after Merck agreed to purchase $50M of Personalis’ common stock that translates to nearly 16.5% ownership interest. Merck’s investment not only helps to extend Personalis’ cash runway, but also serves as a testament to the growth potential of the company’s NeXT Personal ultrasensitive minimal residual disease testing business, the analyst tells investors in a research note.
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