GoodRx price target lowered to $3.50 from $7 at Wells Fargo

Wells Fargo lowered the firm’s price target on GoodRx (GDRX) to $3.50 from $7 and keeps an Overweight rating on the shares. The firm says the company’s “unexpected” take-rate reset reflects structural headwinds for its prescription business. Competitive pricing has pushed take rates, and Wells’ estimates, lower, the analyst tells investors in a research note. The firm believes that while GoodRx’s near-term growth and margins will pressured, its Pharma Direct unit has growth potential.