Buy - Price 2.03 on March 31
by Think Equity

The lead investigator for Phase II trials has presented positive data on metastatic neuroendocrine liver tumors treated with the Delcath system and Melphalan....4Q cash burn was modest...DCTH ended the year with $17.8 million in cash+equivalents. We think it has ample funding to finish [trial]....We're using an admittedly distant EPS estimate for 2015 of $1.33...because we think it best reflects the growth and profitability potential. Using 22 times forward EPS and 30% discount rate to reflect risk [results in] 5 target. Market cap: $51 million.

Medice device; very successful trials; low capitalization; NCI support

Laddcap Value Partners raised their stake to 12%, buying 100.000 more for $3.06 and another 18,000 from $4.28 to $4.35.