Needham Reiterates Buy Rating on Lucid Diagnostics Inc (LUCD)

Needham analyst Mike Matson reiterated a Buy rating and $3.00 price target on Lucid Diagnostics Inc (NASDAQ: LUCD).

The analyst commented: "Yesterday, MolDX conducted a Contractor Advisory Committee (CAC) Meeting as they reconsider LCD L39256 "MolDX: Molecular Testing for Detection of Upper Gastrointestinal Metaplasia, Dysplasia, Neoplasia." During the meeting, the CAC panelists highlighted that EsoGuard is effective in its purpose as a rule-out test for Barrett's esophagus (BE) with high clinical validity and utility. They noted that EsoGuard's 99% negative predictive value (NPV) gives them confidence in effectively triaging patients and they expect the non-invasive nature of EsoGuard to increase upper endoscopy compliance significantly from ~10% currently in high-risk populations. They noted that insurance coverage of tests like EsoGuard needs to be expanded, citing the high unmet need and very low risk. We note that all of the panelists were positive on EsoGuard, with some characterizing it as a "no-brainer" and a "game-changer" in BE and esophageal cancer detection. Given the questions, the panel responses, and the overall tone of the discussion, we think it's highly likely that MolDX begins to cover EsoGuard and expect a decision by early 2026. We continue to view achieving Medicare MolDX coverage as a major potential catalyst for LUCD shares that would enable LUCD to be paid for a much larger portion of its testing volume and accelerate its revenue ramp."

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Shares of Lucid Diagnostics Inc closed at $1.38 yesterday.

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