Analyst Patrick Wood of Morgan Stanley maintained a Hold rating on Sight Sciences, retaining the price target of $4.00.
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Patrick Wood’s rating is based on a combination of factors that reflect both the strengths and challenges faced by Sight Sciences. The company has demonstrated resilience in the glaucoma market, managing to outperform broader market pressures despite facing headwinds related to local coverage determinations. This is evidenced by a record number of prescribing accounts and strong patient volume growth, which underscores the durability of its interventional glaucoma segment. Additionally, the surgeon adoption of the OMNI Edge has been positive, highlighting the importance of usability in their product offerings.
However, there are challenges that justify a Hold rating. The company has yet to secure payer wins for its TearCare product, although management remains optimistic about achieving this by the year’s end. The ongoing reimbursement challenges and potential delays in establishing a new sector pose risks to immediate growth. Despite these hurdles, the existing infrastructure of installed hubs suggests potential for significant patient volume increase once reimbursement is achieved. These mixed factors contribute to the Hold rating, balancing optimism for future growth with current market and operational challenges.
In another report released on September 6, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $3.50 price target.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SGHT in relation to earlier this year.