Humacyte (HUMA) PT Lowered to $3 at BTIG

BTIG analyst Ryan Zimmerman lowered the price target on Humacyte (NASDAQ: HUMA) to $3.00 (from $6.00) while maintaining a Buy rating.

The analyst commented: "We maintain our Buy but lower our PT to $3 (from $6) following HUMA's 4Q25 results as a result of lower sales expectations coupled with a higher share count. HUMA reported 4Q25 rev. of ~$0.5M and LPS of $(0.13) relative to BTIG/Consensus of $1.3M and LPS of $(0.12). HUMA sold ~25 Symvess units in the quarter, down from the ~29 sold in 3Q25 and Symvess is now priced at ~$17,000 (down from $24,500). While results in Trauma did not translate well in 4Q, HUMA noted that 27 hospitals have ordered the product, up from 16 previously, which we view as incremental progress. The launch is Trauma remains choppy quarter-to-quarter but HUMA is also looking ahead to future milestones with the V012 Ph. 3 study expected to report out interim top-line results in 2Q26, putting Dialysis Access one-step closer to clearance (and a larger market opportunity relative to Trauma). Cash remains a critical focus as operating expenses remain elevated but if milestones remain on track, we think shares can move higher."

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