Delcath Systems, Inc. (DCTH)

Delcath Systems' stock price has been impacted by several events in the past six months. Between January 6, 2025, and January 2, 2026, the share price declined by 21.41%. The company reported its third-quarter 2025 financial results on November 4, 2025, with total revenue at $20.6 million, a significant increase from $11.2 million in Q3 2024, with HEPZATO KIT™ revenue at $19.3 million. Revenue was down sequentially due to unexpected seasonality and pricing headwinds. Delcath reported its fourth-quarter 2025 earnings on January 9, 2026, before the market opened, with shares gaining 1.3% the day after the announcement. CEO Gerard J. Michel purchased 11,500 shares of the company's stock on November 11, 2025.

Delcath Systems has recently observed demand seasonality for its products. In the third quarter of 2025, the company experienced an unexpected slowdown in new patient starts, which was attributed to seasonal factors. This seasonality was noted as a new observation and the company's guidance for future periods assumes a modest amount of seasonality.

Delcath Systems, Inc. is a specialty pharmaceutical and medical device company focused on treating primary and metastatic liver cancers. Founded in 1988 and headquartered in New York, the company operates in the oncology sector and healthcare industry. Its flagship product is the Hepatic Delivery System (HDS), designed to deliver high-dose chemotherapy directly to the liver while minimizing systemic exposure. The HDS is approved for use in Europe under the trade name CHEMOSAT® and is undergoing clinical trials in the United States. In the U.S., the company's proprietary product is the HEPZATO KIT™ (melphalan for Injection/Hepatic Delivery System), which received FDA approval in 2023 for adult patients with metastatic uveal melanoma (mUM) with unresectable hepatic metastases.

Delcath Systems operates in the United States and Europe. The company aims to expand its global footprint into Asia and South America. As of the third quarter of 2025, Delcath had 25 active treatment centers across the U.S. and plans to expand to 26-28 by the end of 2025 and 40 by the end of 2026.

Delcath Systems has generally maintained a positive brand reputation in the past year, particularly among analysts. The company has received a consensus rating of "Moderate Buy" from six research firms, with five analysts issuing a "buy" recommendation. The average one-year target price among analysts is $22.40. Positive events include the publication of promising subgroup analyses from its Phase 3 FOCUS study. The company's financial health has also been described as robust. The unexpected sequential revenue decline in Q3 2025, attributed to seasonality and pricing headwinds, did place pressure on the stock.

Delcath Systems, Inc. has a diverse ownership structure, including institutional, retail, and individual investors. Approximately 40.80% of the company's stock is owned by institutional investors, 30.89% by insiders, and 28.31% by public companies and individual investors. As of January 10, 2026, institutional funds owned 43.79% of the shares, while executive insider stakes represented 31.63%. Major institutional owners include Rosalind Advisors, Inc., BlackRock, Inc., and Vanguard Group Inc. Director Steven A J Salamon, Director Gil Aharon, and Director Rosalind Advisors, Inc. are among the largest individual insider shareholders. CEO Gerard J. Michel also holds a significant number of shares.