BioStem Technologies price target lowered to $7 from $9 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on BioStem Technologies (BSEM) to $7 from $9 and keeps a Buy rating on the shares. The firm said that the physician-office channel reset is deeper than anticipated. While the firm expected a soft first quarter, management appears deliberately cautious on the trajectory of recovery due to CMS reimbursement changes as well as “aggressive auditing and potential clawbacks” that create hesitation among clinicians, the analyst tells investors in a research note.