Stereotaxis price target lowered to $3.50 from $4 at Piper Sandler

Piper Sandler lowered the firm’s price target on Stereotaxis (STXS) to $3.50 from $4 and keeps an Overweight rating on the shares following quarterly results. Stereotaxis noted some headwinds to its disposables business as it winds down its relationship with Johnson & Johnson (JNJ) and continues to face supply constraints with its MAGiC catheter production, but sounded confident that it’ll be able to ramp production to 500 MAGiC catheters/month by year-end, the firm notes. While Piper expects some investor frustration in the disconnect between the company’s potential and the current results, the firm is willing to be patient with the story and sees brighter days ahead.