Wells Fargo analyst Larry Biegelsen has maintained their bullish stance on RXST stock, giving a Buy rating today.
Larry Biegelsen has given his Buy rating due to a combination of factors surrounding RxSight’s impressive financial performance and promising outlook. RxSight’s preliminary Q4 revenue showed a significant year-over-year increase, exceeding expectations and consensus estimates. The company’s growth was particularly notable in Light Adjustable Lens (LAL) procedure volumes, which surged by 98%, indicating an expanding market share. Additionally, RxSight’s guidance for 2024 surpassed Wall Street’s expectations, which is a testament to the company’s robust growth trajectory and operational efficiency.
Furthermore, Biegelsen’s positive outlook is reinforced by RxSight’s upwardly revised sales estimates and improved operational metrics, such as gross margin projections and operating expense ranges. The adjusted sales forecast and narrowed loss estimates for both 2023 and 2024 reflect a strong financial position and the potential for continued growth. This, coupled with a higher price target based on anticipated sales, underscores the confidence in RxSight’s market performance and justifies the Buy recommendation.
In another report released today, Needham also reiterated a Buy rating on the stock with a $41.00 price target.
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Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RXST in relation to earlier this year.
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RxSight (RXST) Company Description:
RxSight Inc is a commercial-stage medical technology company dedicated towards improving the vision of patients following cataract surgery. It offers intraocular lens technology that enables doctors to customize and optimize visual acuity for patients after cataract surgery.
Read More on RXST:
- RxSight, Inc. Announces Preliminary Unaudited Fourth Quarter and Full-Year 2023 Financial and Operational Results and 2024 Guidance
- RxSight, Inc. to Present at the J.P. Morgan Healthcare Conference
- RxSight price target raised by $7 at BTIG, here’s why
- RxSight price target raised to $43 from $36 at BTIG
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