Leerink Partners increased its target price for Lantheus Holdings (NASDAQ: LNTH) to $94.00 from $90.00 and left its Outperform rating intact as investors prepare for the company’s fourth-quarter earnings report, scheduled for February 19. The research house said adjustments to its financial model, along with forward-looking product milestones, supported the higher target.
According to InvestingPro data cited by analysts, Lantheus appears undervalued relative to its Fair Value, with sell-side price targets spanning a wide $70 to $130 range. That dispersion reflects differing views among market participants about near-term franchise dynamics and the timing of potential new revenue streams.
Leerink identified two themes likely to capture investor attention. The first is whether competitive pressure around Pylarify - Lantheus’s prostate-specific membrane antigen (PSMA) PET imaging agent - shows signs of stabilizing. The second is the degree to which the company is positioned to benefit from what Leerink describes as underappreciated tailwinds tied to anticipated catalysts in 2026.
Management has reported that some imaging sites that trialed alternative PSMA PET agents have returned to Pylarify, a development Leerink views as evidence of the franchise’s resilience. The research team also updated its internal forecasts to account for improved Pylarify volume growth, the company’s progression toward a new F-18 formulation, and potential product introductions in 2026 - assumptions Leerink says were material to its price-target revision.
Leerink further pointed to an ongoing CEO search and a calendar that includes three PDUFA events this year as factors that could alter the company’s revenue mix and growth trajectory if outcomes are favorable. The firm described 2026 as an inflection point where Lantheus could establish a new growth framework should those catalysts materialize.
InvestingPro metrics included in the analysis show Lantheus with a "GREAT" financial health score of 3.54 and strong cash flows that, the data indicates, can adequately cover the company’s obligations. InvestingPro also cites a free cash flow yield of 10% and a price-to-earnings ratio of 26.85. The platform lists 13 additional investment tips for the company and highlights robust five-year returns as part of its research offering.
Recent operational and financial results provide mixed signals. In third-quarter 2025 results, Lantheus reported revenue of roughly $384 million, topping the analyst consensus by about 5%. However, non-GAAP fully diluted earnings per share of $1.27 missed expectations by approximately 2%.
On the strategic front, Lantheus completed the sale of its single photon emission computed tomography (SPECT) business to SHINE Technologies. The deal included diagnostic agents and manufacturing operations in North Billerica, Massachusetts, as well as Canadian operations tied to the SPECT business.
Analyst activity has been active and somewhat divergent. Truist Securities upgraded Lantheus from Hold to Buy and raised its price target to $80.00 from $61.00, citing expectations for growth and profit acceleration from the fourth quarter of 2026 through 2027. In a separate analyst note, Leerink Partners had been reported as lowering a prior price target to $90 from $97 while maintaining an Outperform rating, pointing to 340B pricing pressures and competitive dynamics affecting the Pylarify franchise as reasons for that earlier adjustment.
Taken together, these updates portray a company in transition - one with clear cash-flow strengths and identifiable product catalysts, but also with ongoing competitive and pricing risks that market participants are weighing differently. The coming quarterly report and the sequence of regulatory milestones in the year ahead will be central to determining whether recent optimism around 2026 growth can be sustained.
Summary
Leerink Partners raised its Lantheus price target to $94.00 from $90.00 and maintained an Outperform rating ahead of the company's Q4 earnings on February 19. The firm updated its forecasts to reflect improved Pylarify volumes, an F-18 formulation progression and potential 2026 product catalysts. InvestingPro data highlights the company’s strong cash flow and a broad range of analyst price targets. Separately, Truist upgraded Lantheus to Buy with a higher target, and other analyst notes have shown differing adjustments tied to pricing pressures and competitive dynamics.
Key points
- Leerink raised its price target to $94.00 from $90.00 and kept an Outperform rating, citing improved Pylarify trends and 2026 product potential - impacts the healthcare and medical imaging sectors.
- InvestingPro metrics show Lantheus with strong cash flow characteristics, a "GREAT" financial health score of 3.54, a 10% free cash flow yield and a P/E of 26.85 - relevant to equity valuation and capital markets assessments.
- Analyst activity is mixed: Truist upgraded to Buy and lifted its target to $80.00 from $61.00, while other notes pointed to pricing and competitive pressures that have previously led to target reductions - affecting investor sentiment in healthcare equipment and diagnostics.
Risks and uncertainties
- Competitive dynamics for Pylarify remain uncertain - pressures here could influence revenue and market share in the radiopharmaceuticals and diagnostic imaging sector.
- Pricing pressures tied to 340B and other reimbursement dynamics were cited by analysts as a downside factor - this impacts margins and revenue realization in the healthcare services and diagnostics markets.
- Regulatory and product development outcomes tied to three PDUFAs this year represent execution risk - results could materially change the company’s revenue mix and near-term growth outlook.
Note: InvestingPro data referenced above includes analyst target ranges and financial metrics used in the research firm's analysis.