H.C. Wainwright raised its price target on Brainsway Ltd. to $19 from $17 on Monday, citing new peer-reviewed data that demonstrated significant reductions in suicidal ideation among patients with major depressive disorder treated with Deep Transcranial Magnetic Stimulation (Deep TMS).
The firm maintained its Buy rating on Brainsway, which closed Friday at $14.30, implying roughly 33% upside to the new target. Shares have surged 84% over the past year, outpacing broader market gains in the medtech sector.
The catalyst for the upgrade was a study published late last week in the Journal of Affective Disorders. The secondary analysis of data from a multi-site randomized trial compared accelerated to once-daily stimulation protocols using the H-coil TMS system, part of Brainsway’s Deep TMS platform. The findings highlighted the potential of the SWIFT accelerated treatment protocol in addressing treatment-resistant depression.
Brainsway also reported second-quarter 2026 revenue of $17.1 million, exceeding Wall Street’s forecast of $16.31 million. Adjusted earnings per share matched expectations at $0.07. Revenue for the last 12 months grew 32%, with management noting a 35% increase from the prior year.
The company raised its full-year 2026 revenue guidance to a range of $68 million to $70 million, up from the prior forecast of $66 million to $68 million. H.C. Wainwright also expanded its revenue multiple assumption for Brainsway to 5.6x from 5.1x, reflecting improved clinical and commercial momentum.
Reimbursement coverage for the SWIFT protocol has expanded to approximately 57 million covered lives in the U.S., supporting broader adoption of the treatment. Brainsway’s Deep TMS platform is designed to deliver targeted magnetic stimulation to brain regions implicated in depression and other neurological conditions.
