Glaucoma Player Sight Sciences Stock Falls More Than 30%: Analyst Warns Of Lingering Concerns Over Coverage
Portfolio Pulse from Vandana Singh
Sight Sciences Inc's stock fell after the company issued Q3 revenue guidance below estimates and cut FY23 revenue guidance. The company attributed the sales decline to impacts from proposed local coverage determinations (LCDs) that classified its OMNI device as investigational for glaucoma treatment. The uncertainty has led to decreases in new accounts and year-over-year declines in utilization from existing accounts. William Blair downgraded the stock to Market Perform from Outperform due to lingering concerns related to the proposed LCDs.
September 12, 2023 | 12:54 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Sight Sciences' stock fell due to lowered revenue guidance and concerns over proposed LCDs on its OMNI device. The company has seen decreases in new accounts and utilization from existing accounts. William Blair downgraded the stock due to these concerns.
The company's lowered revenue guidance and the uncertainty surrounding the proposed LCDs on its OMNI device have negatively impacted the stock. This has led to decreases in new accounts and utilization from existing accounts, which are likely to continue affecting the company's performance. The downgrade by William Blair further indicates a negative outlook for the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100