Better Therapeutics price target lowered to $5 from $6 at Lake Street

Lake Street analyst Thomas Flaten lowered the firm’s price target on Better Therapeutics to $5 from $6 and keeps a Buy rating on the shares. The firm updated its EPS estimates and reduced its target to reflect the company having completed a $6.5M equity offering to alleviate short-term cash needs. The firm expects the cash raised to extend the runway into Q3 and says if FDA delivers a mid-year approval, as management has guided, "this cash runway should be sufficient to see the company past this critical, value-driving milestone."