Cue Health downgraded to Neutral from Buy at BTIG

BTIG downgraded Cue Health to Neutral from Buy without a price target. The firm estimates Cue has a three quarter cash runway, at a time when capital markets have been challenging and the company is waiting on multiple approvals from the FDA. The FDA’s communication to Cue in early January that its flu/COVID application is not a priority “poses a material setback to the setup” in 2024, the analyst tells investors in a research note. BTIG now believes investors may need to wait until this summer or fall to see another FDA approval come in.