TriSalus Life Sciences (NASDAQ: TLSI) has received a positive update from Canaccord Genuity Group, which raised its price target for the company from $11.00 to $12.00. This adjustment, noted in a research note published on November 13, 2023, reflects a buy rating on the stock.
The company has generated interest among various analysts recently. Notably, Wall Street Zen upgraded TriSalus Life Sciences from a “sell” rating to a “hold” rating on November 28, 2023. In contrast, Weiss Ratings maintained a “sell (d-)” rating for the stock earlier this week. Currently, three investment analysts have assigned a buy rating, one has issued a hold rating, and another has given a sell rating. According to data from MarketBeat, the consensus rating for TriSalus Life Sciences is “hold,” with a consensus price target of $11.00.
Recent Earnings Report and Expectations
TriSalus Life Sciences announced its quarterly earnings on November 13, 2023. The company reported a loss of ($0.96) earnings per share (EPS), significantly below the consensus estimate of ($0.17), reflecting a shortfall of ($0.79). Revenue for the quarter was $11.57 million, falling short of the anticipated $11.76 million. Analysts forecast an average EPS of ($1.55) for the current year, indicating ongoing challenges for the company.
Institutional Investment Activity
Recent activity among institutional investors highlights a growing interest in TriSalus Life Sciences. Nantahala Capital Management LLC increased its stake by 2.0% during the third quarter, now holding 2,040,245 shares valued at approximately $9.49 million. Millennium Management LLC also raised its holdings by 17.7%, acquiring an additional 5,359 shares. Other firms, including Squarepoint Ops LLC and White Pine Capital LLC, have initiated new positions, reflecting a broader trend of investment in the company.
Vanguard Group Inc. significantly increased its holdings by 42.4% in the same quarter, now owning 1,159,575 shares worth around $5.39 million. Overall, institutional investors own approximately 2.58% of TriSalus Life Sciences stock.
TriSalus Life Sciences operates as a clinical-stage biotechnology firm focused on developing and commercializing non-invasive drug-device combination therapies for oncology applications. The company utilizes proprietary electroporation and ultrasound platforms to enhance the targeted delivery and effectiveness of established chemotherapy agents while minimizing systemic toxicity. Its primary programs are aimed at treating hard-to-manage head and neck cancers, where enhanced tumor control and patient comfort are critical.
As TriSalus Life Sciences navigates its growth trajectory, analysts and investors will be closely monitoring its performance, particularly in light of the recent earnings report and evolving market conditions.
