TD Cowen lowered the firm’s price target on NeoGenomics (NEO) to $19 from $22 and keeps an Outperform rating on the shares after Natera (NTRA) secured a preliminary injunction removing NeoGenomics’ RaDaR MRD test from the market until a Federal appeals court rules, which the firm estimates should be in about the first half of 2024. Management hosted an analyst call and was optimistic the Federal court can reach a different conclusion, notes the firm, which is lowering forecasts and cutting MRD revenue.
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