DRTS heads into its May 26 earnings print with the Street actively raising targets and borrowing conditions tightening further — a combination that sharpens attention on what the next clinical update delivers.
The analyst picture has shifted notably more constructive in the past week. HC Wainwright reiterated its Buy on May 20 with a $15 target. Piper Sandler — which had downgraded the stock to Neutral back in March — raised its target from $5 to $8 on May 19, a 60% lift even from the sidelined position. Ladenburg Thalmann and HC Wainwright both raised targets to $14 and $15 respectively on May 12, following strong interim data. The mean price target across the Street now sits at $13.50, roughly 26% above the current price of $10.68. Bulls point to Alpha DaRT's 81% disease control rate in pancreatic cancer trials and the FDA pre-market approval submission for recurrent cutaneous squamous cell carcinoma as genuine catalysts. Bears counter that the company carries persistent negative cash flow and that clinical success needs validation in larger studies before revenue becomes real. The stock has climbed 33% over the past month and 8% this week alone, so some of the good news is already in the price.
The borrow market has grown progressively more expensive. Cost to borrow has climbed to 11.8%, up 21% on the week and more than 80% over the past month — a sharp move for a name this size. Availability has tightened back to 32%, well below the loose conditions of early May when it briefly exceeded 100%, though still above the 52-week floor of around 2.2%. Short interest itself remains modest at 1.4% of the free float, up 59% over the past month in share terms but still a low absolute level — the rising borrow cost therefore reflects competition for a limited pool of available stock rather than a heavily crowded short thesis. Options positioning leans bullish: the put/call ratio of 0.13 is below its 20-day average of 0.15, a reading that has drifted steadily lower from above 0.20 in mid-April as call interest has built alongside the price rally.
Institutional ownership tells a concentrated story. Oramed Pharmaceuticals holds around 16% of shares, and a cluster of individual insiders — including Uzi Sofer at 13% — dominate the register. The most recent reported change of note was Aquamarine Financial initiating a position of roughly 721,000 shares as of March 31, and ARK Investment Management adding approximately 292,000 shares in the same quarter. With only 46 institutional holders on record, the float is thin and the ownership base skewed toward a handful of committed long-term holders.
The past four earnings events have all produced positive first-day moves: +3.1%, +4.2%, +6.7%, and +5.2%. The five-day reaction has been stronger still — the March print delivered a 13% five-day gain, and the November 2025 event produced 14%. That consistency is notable for a clinical-stage name, and the pattern suggests the market has been rewarding each data readout rather than selling the news. EPS momentum scores rank in the 93rd percentile on a 30-day basis and 87th over 90 days, reflecting a run of positive surprises that has helped fuel the 109% year-to-date gain.
With the next earnings print now six days away, the focus shifts to whether the clinical update matches the raised expectations that analysts and the market have priced in over the past two weeks.
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