Biote initiated with a Buy at Jefferies with ‘platform revving up’

As previously reported, Jefferies initiated coverage of Biote with a Buy rating and $6.55 price target. Biote is a hormone optimization provider “positioned at the intersection of consumer, tech, and therapeutics” and while its business is small with about 400,000 patients, it is “growing nicely with a substantial target market,” the analyst tells investors. Low brand awareness, a “transformative” expansion into wellness, and an aging U.S. demographic underpin the firm’s modeling of sales growing at a 15% compound annual growth rate from F22-F25, the analyst added.