BrainsWay Comments on Evernorth's Elimination of TMS Prior Authorization
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 19 hours ago
0mins
Should l Buy BWAY?
BrainsWay (BWAY) commented on the recent news issued by Evernorth Behavioral Health, a division of the Cigna Group (CI), which serves over 18 million covered lives across 12 states, that it will no longer require prior authorization for transcranial magnetic stimulation, TMS, for contracted providers whose patients have coverage under Evernorth and Cigna Healthcare plans. The Evernorth press release stated that the change will be effective on March 6, 2026. "Evernorth's decision to eliminate the requirement for contracted providers to have patients obtain prior authorizations for TMS treatment marks an important step forward in expanding patient access to this effective and well-accepted therapy. This change empowers providers to deliver timely care to patients who meet Evernorth's TMS policy selection criteria," stated Hadar Levy, CEO at BrainsWay.
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Analyst Views on BWAY
Wall Street analysts forecast BWAY stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 24.970
Low
19.00
Averages
26.33
High
30.00
Current: 24.970
Low
19.00
Averages
26.33
High
30.00
About BWAY
Brainsway Ltd is an Israel-based company engaged in the development and marketing of medical devices for the treatment of various neurological and psychopathological disorders. The Company primarily offers Transcranial Magnetic Stimulation (TMS) system, a medical device that enables direct non-invasive activation of deep brain structures. Its TMS system uses magnetic pulses to stimulate neurons and consequently modulates the physiological activity of the brain. TMS system is used in various clinical applications including: major depressive disorders, obsessive-compulsive disorder, smoking addiction and others various psychiatric, neurological, and addiction disorders.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
BrainsWay Shares Rise as Cigna Removes TMS Authorization Requirements
- Policy Change Impact: Cigna's Evernorth Behavioral Health unit has decided to eliminate prior authorization requirements for TMS depression therapy starting March 6, significantly reducing administrative burdens for BrainsWay and enhancing treatment accessibility.
- Facilitating Treatment Promotion: By removing administrative hurdles, Evernorth's new policy allows providers to focus more on patient care, thereby improving treatment outcomes and potentially increasing BrainsWay's market share.
- Positive Market Reaction: Following this announcement, BrainsWay's shares rose on Wednesday, reflecting investor optimism regarding the company's future performance and bolstering confidence in its TMS treatment offerings.
- Strategic Significance: This policy change not only enhances BrainsWay's competitiveness in the U.S. market but may also encourage other insurers to consider similar policy adjustments, further expanding the market acceptance of TMS therapy.
See More
BrainsWay Partners with Evernorth to Enhance TMS Accessibility
- Policy Change Impact: Evernorth's announcement to eliminate prior authorization for TMS treatment effective March 6, 2026, will benefit over 18 million patients, significantly enhancing their access to effective therapies and driving demand for BrainsWay's services.
- Patient Benefits: This policy change allows more patients suffering from major depressive disorder and obsessive-compulsive disorder to receive timely TMS treatment, reducing administrative hurdles and enabling providers to focus more on patient care, thereby improving overall treatment efficiency.
- Sustained Technological Edge: BrainsWay continues to leverage its proprietary H-coil technology and extensive clinical research to solidify its leadership in the non-invasive brain stimulation field, which is expected to further boost its penetration in the U.S. market.
- Future Growth Potential: With increasing recognition of TMS technology, BrainsWay plans to expand its clinical trials to explore applications in psychiatry, neurology, and addiction disorders, thereby enhancing its market competitiveness and brand influence.
See More
BrainsWay Changes ADS Ratio to 1:1 Structure
- ADS Ratio Change: BrainsWay Ltd. announced a change in its American Depositary Shares (ADS) to a 1-to-1 ratio from the current 2-to-1, effective before trading begins on March 3, resulting in each existing ADS holder receiving an additional ADS, effectively a 2-for-1 forward split.
- Market Impact: The company indicated that the trading price of its ADSs is expected to be halved following the ratio change, which may influence short-term holding decisions among investors, although ordinary shares remain unaffected by this adjustment.
- No Action Required: BrainsWay noted that ADS holders are not required to take any action to accommodate this change, a convenience aimed at reducing operational complexity for investors and maintaining market stability.
- Stock Performance: Following the announcement, BrainsWay's stock price surged by 32.18%, closing at $11.54, reflecting a positive market reaction to the adjustment, although future price volatility remains a concern.
See More
BrainsWay Adjusts ADS Ratio to Simplify Capital Structure
- ADS Ratio Change: BrainsWay announced a shift in its ADS to ordinary share ratio from 2-to-1 to 1-to-1, effective March 3, 2026, which will grant existing ADS holders an additional ADS each, thereby simplifying the capital structure and enhancing investor clarity on company valuation.
- Market Impact Anticipation: This ratio change is expected to halve the trading price of the ADSs, likely resulting in improved market liquidity and allowing investors to make clearer comparisons between share prices on NASDAQ and the Tel Aviv Stock Exchange.
- CEO Statement: CEO Hadar Levy stated that the adjustment aims to enhance liquidity and accessibility while better reflecting the company's strength in the rapidly growing non-invasive brain stimulation technology sector, further driving business growth.
- Company Background: BrainsWay is a global leader in non-invasive neurostimulation treatments, committed to improving mental health through its Deep TMS™ platform technology, having received FDA clearance for three indications, demonstrating its clinical efficacy in the mental health field.
See More
Wall Street Analysts Adjust Ratings on Key Stocks
- SLB Price Target Increase: B of A Securities raised the price target for SLB NV from $50 to $55, with analyst Chase Mulvehill maintaining a Buy rating, indicating confidence in the company's future growth, as SLB shares closed at $49.15 on Friday.
- Meta Rating Upgrade: Rothschild & Co increased the price target for Meta Platforms from $740 to $900 and upgraded the rating from Neutral to Buy, reflecting optimism about its long-term growth potential, with Meta shares closing at $658.76 on Friday.
- Cisco Price Target Boost: Evercore ISI Group raised Cisco Systems' price target from $80 to $100, with analyst Amit Daryanani upgrading the rating from In-Line to Outperform, suggesting positive expectations for its market performance, as Cisco shares closed at $74.59 on Friday.
- Microsoft Price Target Cut: B of A Securities lowered Microsoft's price target from $640 to $520, yet analyst Brad Sills maintained a Buy rating, demonstrating ongoing confidence in the company's fundamentals, with Microsoft shares closing at $465.95 on Friday.
See More
BrainsWay Secures Expanded Coverage for Depression Treatment from Highmark
- Policy Expansion: Highmark Blue Cross Blue Shield has released a draft policy expanding coverage to include adolescent and adult patients with major depressive disorder, expected to take effect in February 2026, marking a significant advancement for BrainsWay in depression treatment.
- Accelerated Treatment Protocol: The new policy includes BrainsWay's accelerated SWIFT™ protocol, which consists of five treatment sessions per day for six days, significantly reducing patient clinic visits and enhancing treatment accessibility and flexibility.
- Clinical Efficacy: BrainsWay's accelerated Deep TMS protocol received FDA clearance in September 2025, with clinical trials demonstrating an 87.8% response rate and a 78.0% remission rate, indicating comparable efficacy to standard Deep TMS and strengthening its market competitiveness.
- Market Outlook: With the implementation of this policy, BrainsWay is poised to attract more insurers to adopt its treatment protocols, further promoting the acceptance and accessibility of Deep TMS technology, thereby enhancing the company's leadership position in the mental health sector.
See More
BrainsWay Shares Rise as Cigna Removes TMS Authorization Requirements
- Policy Change Impact: Cigna's Evernorth Behavioral Health unit has decided to eliminate prior authorization requirements for TMS depression therapy starting March 6, significantly reducing administrative burdens for BrainsWay and enhancing treatment accessibility.
- Facilitating Treatment Promotion: By removing administrative hurdles, Evernorth's new policy allows providers to focus more on patient care, thereby improving treatment outcomes and potentially increasing BrainsWay's market share.
- Positive Market Reaction: Following this announcement, BrainsWay's shares rose on Wednesday, reflecting investor optimism regarding the company's future performance and bolstering confidence in its TMS treatment offerings.
- Strategic Significance: This policy change not only enhances BrainsWay's competitiveness in the U.S. market but may also encourage other insurers to consider similar policy adjustments, further expanding the market acceptance of TMS therapy.
See More
BrainsWay Partners with Evernorth to Enhance TMS Accessibility
- Policy Change Impact: Evernorth's announcement to eliminate prior authorization for TMS treatment effective March 6, 2026, will benefit over 18 million patients, significantly enhancing their access to effective therapies and driving demand for BrainsWay's services.
- Patient Benefits: This policy change allows more patients suffering from major depressive disorder and obsessive-compulsive disorder to receive timely TMS treatment, reducing administrative hurdles and enabling providers to focus more on patient care, thereby improving overall treatment efficiency.
- Sustained Technological Edge: BrainsWay continues to leverage its proprietary H-coil technology and extensive clinical research to solidify its leadership in the non-invasive brain stimulation field, which is expected to further boost its penetration in the U.S. market.
- Future Growth Potential: With increasing recognition of TMS technology, BrainsWay plans to expand its clinical trials to explore applications in psychiatry, neurology, and addiction disorders, thereby enhancing its market competitiveness and brand influence.
See More
BrainsWay Changes ADS Ratio to 1:1 Structure
- ADS Ratio Change: BrainsWay Ltd. announced a change in its American Depositary Shares (ADS) to a 1-to-1 ratio from the current 2-to-1, effective before trading begins on March 3, resulting in each existing ADS holder receiving an additional ADS, effectively a 2-for-1 forward split.
- Market Impact: The company indicated that the trading price of its ADSs is expected to be halved following the ratio change, which may influence short-term holding decisions among investors, although ordinary shares remain unaffected by this adjustment.
- No Action Required: BrainsWay noted that ADS holders are not required to take any action to accommodate this change, a convenience aimed at reducing operational complexity for investors and maintaining market stability.
- Stock Performance: Following the announcement, BrainsWay's stock price surged by 32.18%, closing at $11.54, reflecting a positive market reaction to the adjustment, although future price volatility remains a concern.
See More
BrainsWay Adjusts ADS Ratio to Simplify Capital Structure
- ADS Ratio Change: BrainsWay announced a shift in its ADS to ordinary share ratio from 2-to-1 to 1-to-1, effective March 3, 2026, which will grant existing ADS holders an additional ADS each, thereby simplifying the capital structure and enhancing investor clarity on company valuation.
- Market Impact Anticipation: This ratio change is expected to halve the trading price of the ADSs, likely resulting in improved market liquidity and allowing investors to make clearer comparisons between share prices on NASDAQ and the Tel Aviv Stock Exchange.
- CEO Statement: CEO Hadar Levy stated that the adjustment aims to enhance liquidity and accessibility while better reflecting the company's strength in the rapidly growing non-invasive brain stimulation technology sector, further driving business growth.
- Company Background: BrainsWay is a global leader in non-invasive neurostimulation treatments, committed to improving mental health through its Deep TMS™ platform technology, having received FDA clearance for three indications, demonstrating its clinical efficacy in the mental health field.
See More
Wall Street Analysts Adjust Ratings on Key Stocks
- SLB Price Target Increase: B of A Securities raised the price target for SLB NV from $50 to $55, with analyst Chase Mulvehill maintaining a Buy rating, indicating confidence in the company's future growth, as SLB shares closed at $49.15 on Friday.
- Meta Rating Upgrade: Rothschild & Co increased the price target for Meta Platforms from $740 to $900 and upgraded the rating from Neutral to Buy, reflecting optimism about its long-term growth potential, with Meta shares closing at $658.76 on Friday.
- Cisco Price Target Boost: Evercore ISI Group raised Cisco Systems' price target from $80 to $100, with analyst Amit Daryanani upgrading the rating from In-Line to Outperform, suggesting positive expectations for its market performance, as Cisco shares closed at $74.59 on Friday.
- Microsoft Price Target Cut: B of A Securities lowered Microsoft's price target from $640 to $520, yet analyst Brad Sills maintained a Buy rating, demonstrating ongoing confidence in the company's fundamentals, with Microsoft shares closing at $465.95 on Friday.
See More
BrainsWay Secures Expanded Coverage for Depression Treatment from Highmark
- Policy Expansion: Highmark Blue Cross Blue Shield has released a draft policy expanding coverage to include adolescent and adult patients with major depressive disorder, expected to take effect in February 2026, marking a significant advancement for BrainsWay in depression treatment.
- Accelerated Treatment Protocol: The new policy includes BrainsWay's accelerated SWIFT™ protocol, which consists of five treatment sessions per day for six days, significantly reducing patient clinic visits and enhancing treatment accessibility and flexibility.
- Clinical Efficacy: BrainsWay's accelerated Deep TMS protocol received FDA clearance in September 2025, with clinical trials demonstrating an 87.8% response rate and a 78.0% remission rate, indicating comparable efficacy to standard Deep TMS and strengthening its market competitiveness.
- Market Outlook: With the implementation of this policy, BrainsWay is poised to attract more insurers to adopt its treatment protocols, further promoting the acceptance and accessibility of Deep TMS technology, thereby enhancing the company's leadership position in the mental health sector.
See More
