Personalis upgraded to Buy at Needham on cost reductions, biopharma potential

Needham analyst Mike Matson upgraded Personalis (PSNL) to Buy from Hold with an $8 price target. The analyst is positive on the company’s cost reductions and expect its cash burn to decline as it nears the full clinical launches of NeXT Dx this year and NeXT Personal in 2024, the analyst tells investors in a research note. The firm further notes that Personalis’ biopharma business can sustain high double-digit growth for the next few years as NeXT orders build with current and new customers and believes that its recent agreement with Moderna (MRNA) demonstrates its traction in biopharma.