KeyBanc lowered the firm’s price target on Schrodinger (SDGR) to $28 from $30 and keeps an Overweight rating on the shares. Ahead of Q3 earnings, the firm believes the setup is mixed across the HCIT landscape. HC Systems are continuing to see elevated utilization, but tech/IT budgets are likely to be challenged by federal funding, KeyBanc notes. The firm believes the Pharma digital advertising environment remains favorable, but sees the bio-pharma funding environment as stagnant, which prolongs any meaningful recovery in spending on R&D software and services. KeyBanc continues to see HCIT platforms than can demonstrate real ROI to clients as faring the best in its coverage.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SDGR:
- Hold Rating on Schrodinger Amid Uncertainty in Software Growth and Promising Drug Pipeline
- Schrodinger initiated with a Neutral at Goldman Sachs
- Schrodinger Announces CFO Geoffrey Porges’ Departure
- Private Markets: Anthropic raises $13B Series F at $183B post-money valuation
- Schrodinger downgraded to Neutral from Buy at Citi