BTIG lowered the firm’s price target on Treace Medical to $27 from $32 and keeps a Buy rating on the shares. The shares are down 24% since the Q2 earnings despite a $1M revenue beat, as investors are focused on key metrics which came in weaker than anticipated: physician-adds and sequential selling price declines, the analyst tells investors in a research note. However, the firm believes these metrics can be variable quarter-to-quarter and do not necessarily reflect a change in end market dynamics. The firm expects the combination of Treace’s sales hires, new surgeon customers, and new products metrics to improve in Q4 and 2024
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