Perspective Therapeutics' (CATX) NET program to potentially treat neuroendocrine tumors may be advancing toward a potential phase 3 trial initiation, with sites to become "active" by the end of 2026 and data expected in October, RBC Capital Markets said in a note emailed Tuesday.

RBC said it hopes the data will include an efficacy cut that will allow a stock inflection as well as alignment with the US Food and Drug Administration.

Meanwhile, the investment firm noted that Perspective Therapeutics' other studies are also continuing to advance, with the PSV359 dosing program "recruiting quickly" even though it is facing some data delays.

RBC said Perspective Therapeutics is "70% likely to deliver positive data that can inflect shares" and allow phase 3 advancement and $480 million in 2035 royalties for the company from the NET program alone.

Perspective Therapeutics' shares are "significantly undervaluing the strength of the NET data and are trading at a discount to other radiopharma peers, and we would be buyers into 4Q catalysts," the note said.

RBC has an outperform rating, speculative risk, and $14 price target on Perspective Therapeutics.

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