BTIG downgraded DermTech to Neutral from Buy with no price target after the company announced that it has initiated a formal strategic review process and will consider all strategic options. The firm thinks other labs are likely to show strategic interest in DermTech, particularly those who have commercial call points to dermatologists, but since the firm lacks visibility on the strategic alternative review process, and on any outcome, and we now lacks visibility on the demand for its test with a reduced salesforce, it downgrades the shares.
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