Noridian final LCD positive for Sight Sciences, says Lake Street

Lake Street analyst Frank Takkinen notes that Noridian is the first of the five Medicare Administrative Contractors, or MACs, to post a final local coverage determination, or LCD, related to the coverage of microinvasive glaucoma surgery, or MIGS. The proposal was finalized in its current form, which is a positive for Sight Sciences as it is the first finalized policy confirming continuity of OMNI coverage, the analyst tells investors. The firm, which waits for other MACs – CGS, NGS, Palmetto, and WPS – to finalize their proposals and expects these to be finalized in a similar fashion as Noridian’s policy, thinks the remaining proposal finalizations are “relatively derisked near-term catalysts” and reiterates a Buy rating and $10 price target on Sight shares.