BTIG analyst Mark Massaro raised the firm’s price target on Renalytix to $5.00 from $3.50 and keeps a Buy rating on the shares. The company’s update that KidneyIntelX secured FDA de novo clearance is great news not only for Renalytix but also for kidney disease patients and the diagnostics industry at large, the analyst tells investors in a research note. Even though FDA approval was not required, the authorization serves as an additional “stamp of approval” which will give many more clinicians added comfort in ordering the test, the firm added.
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