Shares of Helius Medical Technologies surged as much as 7.65% to $3.52 on September 23 after B. Riley Securities raised its price target on the stock from $3.50 to $4.00 while reaffirming a Buy rating — a vote of confidence in a company whose stock has nearly doubled from its $2.29 level just one week ago. B. Riley Lifts Its Price Target on Solana Company — But Does a Crypto Treasury Deserve the Benefit of the Doubt?
Shares surged 7.65% to $3.52 after B. Riley Securities raised its price target from $3.50 to $4.00 and maintained a Buy rating, capping a week in which the stock rocketed more than 53% from $2.29 on September 17. The move signals rare Wall Street enthusiasm for a company that has undergone a radical identity shift — and investors need to understand what they're actually buying.
• This Is No Longer a Medical Device Company. HSDT now trades under the name Solana Company, a digital asset treasury and infrastructure firm that completed the divestiture of its legacy medical device business during Q2 2026.
The company describes itself as "purpose-built to maximize SOL per share," combining treasury management, staking, and validator operations with advisory services for institutions adopting blockchain. Shareholders buying on the B. Riley upgrade are effectively betting on the price of Solana tokens and the company's ability to build a fee-generating business around them — not on any medical product.
• The Balance Sheet Is Dominated by Crypto. As of June 30, 2026, total assets stood at $176.1 million, including just $3.6 million in cash, $21.0 million in short-term digital assets, and $147.3 million in long-term digital assets and related exposure.
The company reported a net loss of $13.3 million for Q2 2026, weighed down by non-cash fair value swings on those digital holdings, including a $25.4 million realized loss from strategic sales. The new $4.00 target implies roughly 14% upside, but token-price volatility could deliver that swing — or erase it — in days.
• Revenue Is Growing From a Tiny Base. Q2 2026 revenue came in at $2.53 million, up a staggering 5,774% year-over-year — a headline number inflated by the near-zero base of the old medical device operation. Staking rewards drove $2.5 million of that total, with a net yield of 6.14%, but the validator infrastructure business is still in early stages with only one operational cluster and limited third-party stake.
• One Analyst Doesn't Make a Consensus. B. Riley is the sole tracked analyst on HSDT. With just 57.4 million shares outstanding net of buybacks, the stock is thinly traded and prone to sharp moves on minimal news. Investors should weigh the upgrade against the reality that the company's value rises and falls almost entirely with SOL's price — and that crypto markets answer to no earnings calendar.