Natera's Signatera jumps into NCCN guidelines, which we view as a major catalyst for the company, the stock, and the precision oncology field - we reiterate our Buy rating and raise our PT from $250 to $270

研报英文原文证据摘录

Natera's Signatera jumps into NCCN guidelines, which we view as a major catalyst for the company, the stock, and the precision oncology field - we reiterate our Buy rating and raise our PT from $250 to $270

We raised our PT from $250 to $270. Our $270 price target uses a 13.5x multiple on our 2027 rev estimate of $3.25B, discounted

back 1.5 years, using a 10% discount rate on ~142M shares. Previously our $250 PT used a 12.6x multiple on our 2027 rev estimateLIFE of $3.25B, discounted back 1.5 years, using a 10% discount rate on ~142M shares. We did not make any changes to our revenue

or earnings estimates at this time.

Some of our other thoughts on NTRA's data readouts.SCIENCE Additional detail from the IMvigor011 trial:

AND WephaseareIIIpositivestudy inonmuscle-invasiveNTRA followingbladderthe company'scancer (MIBC).call with(ourthefullleadthoughtsPI of thehere)IMvigor011The studytrial,wasa randomized,presented in double-blind,a Presidential

Symposium at ESMO in Berlin, Germany, and published in the New England Journal of Medicine. NTRA (1) demonstrated a

statistically significant improvement in both disease free survival (DFS) and overall survival (OS) in muscle invasive bladder cancer

(MIBC); (2) NTRA's concept of treatment on molecular relapse ("TOMR") is de-risked and likely applicable to various cancer types;

(3) The PI of the study believes the IMvigor011 trial demonstrated Level 1 evidence for guideline bodies such as NCCN; (4) we

are intrigued to see the study show utility with up to seven test time points in year 1, which is higher than the four time points

demonstrated in prior studies in CRC; and (5) this study demonstrated that the adjuvant treatment window can be extended to

1 year post surgery.DIAGNOSTIC

■ Key takeaway of the IMvigor011 study.