OptimizeRx price target lowered to $14 from $17 at RBC Capital

RBC Capital lowered the firm’s price target on OptimizeRx to $14 from $17 but keeps an Outperform rating on the shares after its Q2 results and discussions with the company CEO. The takeaways from the conversations included indication that the delayed $6M contract is an ‘in-year’ contract that will be fully realized within FY24 once launched, the analyst tells investors in a research note. RBC adds that it is encouraged by the durability of commercial momentum around the DAAP platform as OptimizeRx signed eight new deals in Q2 – similar to the nine in Q1 – as well as the company’s improving net revenue retention at 124% over the last 12 months.