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Wells Fargo downgrades RxSight to Equal Weight on economic sensitivity
The Fly

Wells Fargo downgrades RxSight to Equal Weight on economic sensitivity

As previously reported, Wells Fargo analyst Larry Biegelsen downgraded RxSight to Equal Weight from Overweight with a price target of $14, down from $20, as he believes demand for its light adjustable lens will be sensitive to a possible economic downturn. LALs are priced at a premium to other advanced technology intraocular lenses, with significant out-of-pocket cost and patients can pay up to $4,000-plus per eye and may be less willing to do so in a recession. His analysis of the 2008-2009 financial crisis showed a steep decline in the PC-IOL market, which Biegelsen believes would happen again with another economic downturn.

Published first on TheFly

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