UBS analyst Danielle Antalffy lowered the firm’s price target on Sight Sciences (SGHT) to $5 from $5.50 and keeps a Buy rating on the shares. Following conversations with management, the firm reduced estimates to account for quantified near-term headwinds, with management now estimating a 20%-25% headwind from the local coverage determinations restricting combo micro-invasive glaucoma surgery procedures, only partially offset by 8% underlying patient growth. While “clearly disappointing,” UBS continues to view these headwinds as transitory, and believes Sight’s surgical glaucoma business is well positioned to return to at least in line with market growth, if not faster, the analyst tells investors in a research note.
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