Pulse Biosciences Inc

Simply Wall St raised its fair value estimate for Pulse Biosciences from US$45.25 to US$54.00 per share, a roughly 19% increase, after analysts pointed to enthusiasm around the company's nsPFA technology and first-in-human European data. BTIG, Freedom Capital and Needham describe the nanosecond pulsed field ablation platform as differentiated from traditional microsecond PFA systems, and BTIG cites European first-in-human data in 141 patients with reported procedural success of 100% at six months and 96.2% at 12 months as support for its US$70 price target. Canaccord, Mizuho and Oppenheimer each raised their price targets, with Canaccord moving from US$32 to US$43, Mizuho from US$30 to US$45 and Oppenheimer from US$30 to US$35. Oppenheimer still flags validation risk because early nsPFA data need confirmation in pivotal trials, and other firms describe Pulse Biosciences as a very early stage commercial company. The updated model also shifted the revenue growth rate from 246.85% to 218.54%, the net profit margin from 12.13% to 12.58%, the future P/E multiple from about 777x to about 1,158x, and the discount rate from 7.45% to about 7.51%.