BTIG reports Renalytix obtained a draft local coverage determination, or LCD, from National Government Services, the local Medicare contractor for labs with operations in New York. Given the low trading liquidity of the stock, and the timing of the firm’s note ahead of any company press release, the firm think it’s “unusual that the stock is not trading up (materially) on this news (yet)” given that the analyst calls this “another major catalyst for the company.” The firm reiterates a Buy rating and $3 price target on Renalytix shares.
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