A Deep Dive into D. Boral Capital’s Buy Rating on Plus Therapeutics and What It Could Mean for Risk-Tolerant Investors

Plus Therapeutics (PSTV), a clinical-stage biopharmaceutical company pioneering targeted radiotherapeutics for central nervous system (CNS) cancers, has just received a notable analyst upgrade from D. Boral Capital. The firm shifted its stance from "Hold" to "Buy" with a striking new price target of $5—representing a massive potential upside from today’s $0.445 share price. For a company navigating both clinical milestones and the volatility of micro-cap biotech, this upgrade could signal a pivotal inflection point that sophisticated investors would be remiss to ignore.

Analyst upgrades—especially those projecting outsized returns—are critical catalysts for small-cap biotechs like Plus Therapeutics. They can rapidly shift institutional sentiment, attract new speculative capital, and often precede periods of intense trading volatility. Today, we dissect the data, the analyst’s conviction, and what lies ahead for this ambitious cancer drug developer.

Key Takeaways

• Potential Upside: D. Boral Capital’s $5 target implies a potential gain of approximately 1,023% from current levels.

• Stock Price Volatility: Shares have swung from a 52-week low of $0.16 to a high of $2.31, with recent firmness above compliance thresholds.

• Recent News Momentum: Key developments include regaining Nasdaq compliance, positive clinical trial results for REYOBIQ™, and upcoming participation at a major investment conference.

• Technical Picture: Recent RSI readings near 33 suggest the stock is technically oversold, potentially setting the stage for sharp movement on renewed interest.

• Analyst Confidence: D. Boral Capital’s upgrade aligns with improving fundamentals and clinical progress, reinforcing credibility behind the bullish call.

What’s Behind the Upgrade? The Analyst’s Perspective

D. Boral Capital’s Buy Call and Its Significance

D. Boral Capital, a boutique research firm recognized for its deep dives into micro-cap and specialty pharma, has upgraded Plus Therapeutics from "Hold" to "Buy" while initiating a $5 price target. While not a bulge-bracket household name, D. Boral has built a reputation for identifying asymmetric upside in overlooked healthcare names. Their focus on clinical-stage innovation and track record of bold, data-driven calls lends additional gravity to today’s upgrade—especially given the size of the forecasted move.

Analyst Confidence: "D. Boral is known for conviction on overlooked biotech catalysts."

This new price target puts Plus Therapeutics on the radar of risk-seeking investors keen on clinical-stage inflection points. The upgrade suggests D. Boral Capital sees a material disconnect between the company’s clinical progress and its current valuation, particularly after several recent positive news events and technical milestones.

Understanding Plus Therapeutics’ Business and Clinical Strategy

Plus Therapeutics is not your typical early-stage biotech. The company is carving out a unique position in the CNS cancer space, leveraging advanced platform technologies to develop radiotherapeutics that target hard-to-treat brain and spinal cord tumors. Its flagship candidates are designed to deliver radiation directly to tumor sites, aiming to maximize efficacy while minimizing systemic toxicity—a strategy with significant potential for differentiation in a market starved for innovation.

The company’s most advanced asset, REYOBIQ™, has shown promise in leptomeningeal metastases (LM)—a devastating complication of cancer with limited treatment options. Plus is also expanding its pipeline to address other CNS and potentially systemic cancers, positioning itself for long-term optionality if even one clinical asset proves successful.

Stock Price and Technical Backdrop: Setting Up for a Breakout?

Recent Price Action and Volatility

Plus Therapeutics’ shares have been anything but quiet. Over the past year, the stock has traded in a wide range—from a low of $0.16 (June 2025) to a high of $2.31 (March 2025)—reflecting the volatility that often accompanies clinical-stage biotechs. The stock’s current price of $0.445 is above the recent compliance-triggering lows, suggesting that some of the existential risk has been cleared for now.

• Volume Trends: With average daily volume over 12.7 million shares, liquidity is robust for a micro-cap. However, a recent spike in trading volume (74 million on a single day in June) hints at episodic, catalyst-driven participation.

• Technical Indicators: The Relative Strength Index (RSI) at 33 signals technical oversold conditions, while the 20-day EMA and SMA (both above current price) suggest the stock is consolidating at lower levels and could be primed for a move if sentiment shifts.

• Volatility: Average daily volatility of 11.9% underscores the potential for sharp moves—both up and down—on news or trading flows.

Recent Stock Performance Snapshot

Key Catalysts: Why the Market May Be Underestimating Plus Therapeutics

Recent Newsflow: Clinical and Regulatory Milestones

1. Regaining Nasdaq Compliance (August 26, 2025)

Plus Therapeutics recently announced it had regained compliance with Nasdaq’s equity and market value listing rules—a critical hurdle for micro-cap stocks that often lose access to institutional capital and liquidity when out of compliance. This achievement reduces delisting risk and improves investor confidence.

2. Positive Clinical Data for REYOBIQ™ (August 18, 2025)

The company presented compelling Phase 1 results for REYOBIQ™ in leptomeningeal metastases:

• Clinical benefit rate over 75% in key efficacy measures

• No dose-limiting toxicities and a favorable safety profile

• RNA sequencing and circulating tumor cell data consistent with tumor cell death

These data points reinforce Plus’s thesis that targeted radiotherapeutics can unlock new, less toxic treatment paradigms for CNS cancers, potentially supporting future trial progression and partnerships.

3. Upcoming Investor Exposure (September 8–10, 2025)

Plus will participate in a fireside chat at the H.C. Wainwright 27th Annual Global Investment Conference, putting management in front of a large audience of institutional and retail biotech investors. Such events often serve as catalysts for increased visibility, new coverage, and incremental buy-side interest.

Risk-Reward Profile: What Does a 1,023% Upside Really Mean?

Assessing the Potential Upside

With a current price of $0.445 and a new target of $5, D. Boral Capital’s call implies a staggering 1,023% potential upside. For context, even a partial move toward this target could generate outsized returns for early entrants. However, it is critical for investors to recognize that such upside is not without significant risks:

• Clinical Risk: Plus remains a clinical-stage company with no approved products or sustainable revenue.

• Financing Risk: Micro-cap biotechs commonly face dilution as they fund ongoing trials and operations.

• Event Volatility: Stock is highly sensitive to both positive and negative news; sharp reversals are common.

Technical and Sentiment Factors

• Oversold Signals: Current RSI and price action suggest the stock could be at or near a capitulation low, offering a potential rebound setup if sentiment shifts.

• Historical Volatility: Large price swings can offer both opportunity and risk—risk controls are essential for any position size.

The Analyst’s Edge: Why D. Boral Capital’s Conviction Carries Weight

D. Boral Capital’s reputation for deep sector research and early calls on clinical-stage biotech inflection points lends credibility to today’s Buy rating. Their focus on fundamental catalysts—such as clinical data, regulatory progress, and balance sheet improvements—aligns with the recent positive developments at Plus Therapeutics. While the firm is not among the largest on Wall Street, its specialty in micro-cap healthcare and willingness to issue bold targets differentiates its research from more conservative, consensus-driven shops.

“We believe Plus Therapeutics is at a clinical and inflection point, with a risk/reward profile highly skewed toward asymmetric upside for speculative biotech investors.”
— D. Boral Capital, Analyst Note (September 2025)

Final Thoughts: Is Plus Therapeutics the Next Big Asymmetric Bet?

For sophisticated investors with an appetite for volatility and a tolerance for binary outcomes, Plus Therapeutics offers a compelling—if highly speculative—setup. The convergence of technical oversold signals, recent fundamental catalysts, and a bold new price target from a specialist analyst creates the conditions for a possible re-rating if clinical and capital markets momentum continues.

Key Watch Points Going Forward

• Further Clinical Readouts: Any updates on REYOBIQ™ or pipeline assets could dramatically move the stock.

• Partnership or M&A Activity: Larger players may seek to partner with or acquire companies with promising CNS oncology assets.

• Capital Markets Events: Watch for further analyst coverage, institutional buying, or strategic financings.

As always, risk management is paramount. Upside of 1,023% is enticing, but investors should size positions according to their risk appetite and remain vigilant for both positive and negative news flow.