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.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on RNLX: