BTIG analyst Mark Massaro lowered the firm’s price target on Exagen to $5 from $6 but keeps a Buy rating on the shares. The company is focusing its business in the right areas and taking a more disciplined view of spending in light of the challenging macro environment, the analyst tells investors in a research note. Deferring to provide FY revenue guidance is also prudent, as the management look to gain greater clarity around stabilization of selling prices and how much volume demand they can achieve following the company’s recent 33% headcount reduction, the firm notes. BTIG added that its price target cut reflects rising interest rates and some uncertainty on reimbursement.
Published first on TheFly
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