Piper Sandler has initiated research coverage on Perspective Therapeutics Inc (NYSE:CATX) with an overweight recommendation and a price target of $16.00, a level that represents in excess of 200% upside versus the stock’s most recent price of $5.03. Perspective Therapeutics is a clinical-stage biopharmaceutical company with a market capitalization of $573 million. Its shares have gained about 83% year-to-date.
The investment firm underscored Perspective Therapeutics’ development program centered on lead-212 radiotherapies that employ alpha radiation paired with the company’s proprietary net-neutral chelator. The lead candidate, VMT-α-NET, is directed at the somatostatin receptor 2 (SSTR2).
Piper Sandler highlighted early dose-escalation results in neuroendocrine tumors, where VMT-α-NET produced a 39% objective response rate. By comparison, the analysis referenced a 13% objective response rate for Lutathera. To date, VMT-α-NET has not been associated with any reported serious renal events or incidents of dysphagia, a safety profile the firm says differentiates the asset from competing approaches.
In its financial modeling, Piper Sandler assigns approximately $950 million in risk-adjusted revenues to VMT-α-NET. The firm pointed to the therapy’s safety signals as a factor supporting this valuation.
Looking ahead, Piper Sandler identified several near-term clinical catalysts. Initial combination data for VMT01 plus the PD-1 inhibitor nivolumab are expected in mid-2026. Additionally, the company has guided initial dose-escalation readouts for PSV-359 in a tumor basket study to late 2026.
Perspective Therapeutics recently completed a follow-on financing, pricing 46.2 million shares, including roughly 6.6 million pre-funded warrants, at $3.79 per share for gross proceeds of $175 million.
Analyst coverage of the company shows differing perspectives. H.C. Wainwright raised its price target from $10 to $12 while retaining a Buy rating, citing Sanofi S.A.’s decision to deprioritize its SSTR2-targeted radioimmunotherapy agent Alphamedix as a potential tailwind for Perspective Therapeutics’ SSTR2-directed program. In contrast, UBS lowered its price target from $18 to $7 but also maintained a Buy rating; UBS analyst David Dai flagged concerns that heightened competition could hinder commercial uptake of Perspective’s lead 212Pb-VMT-α-NET program in neuroendocrine tumors.
These developments reflect divergent analyst judgments around competitive positioning, safety differentiation, and commercial adoption for Perspective Therapeutics’ lead radiotherapeutic candidates.