Citi analyst Joanne Wuensch downgraded Sight Sciences (SGHT) to Neutral from Buy with a price target of $9, down from $15. The company’s competition and reimbursement headwinds are persisting, the analyst tells investors in a research note. The analyst says Sight Sciences shares “are back in the cross hairs, as reimbursement concerns swirl.” Intra-quarter, several Medicare administrative contractors issued local coverage determinations proposing reimbursement coverage of Glaukos’ (GKOS) iStent products and moving away from other interventions, uncluding canaloplasty in combination with trabeculectomy, specifically naming Sight Sciences’ Omni device as experimental, the analyst tells investors in a research note. Citi believes there is significant downside risk to Sight should these proposals be finalized as is, and that the stock could trade as low as $4.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on SGHT:
- Sight Sciences price target lowered to $13 from $15 at Stifel
- Cigna Expands Coverage of Glaucoma Surgical Procedures to Include Canaloplasty and Goniotomy (Trabeculotomy)
- Sight Sciences announces Cigna expanded coverage of Glaucoma procedures
- Sight Sciences Announces Addition of New Director Catherine Mazzacco
- Sight Sciences Two Year Multicenter Study Results Show Sustained Reductions in Both Intraocular Pressure (IOP) and Glaucoma Medication Use in Mild-Moderate Primary Open Angle Glaucoma Patients Treated with a Procedure Enabled with the OMNI® Surgical System Technology