LumiraDx price target lowered to $1.50 from $2 at Raymond James

Raymond James analyst Andrew Cooper lowered the firm’s price target on LumiraDx to $1.50 from $2 and keeps an Outperform rating on the shares. The company announced "yet another" restructuring program, this time aimed at an incremental $36M of annualized savings from a further 40% headcount reduction and other cost savings, the analyst tells investors in a research note. LumiraDx is paring down its focus, putting some projects on pause while focusing on those with the clearest opportunity to drive returns, says the firm.