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RBC Capital Markets lowered its rating on Nevro (NYSE:NVRO) to sector perform, commenting that the company's transition may take longer than planned.
The investment bank said while it believes the company is progressing under new leadership, the “salesforce turnaround may take longer to pan out.” RBC also believes that “the HFX iQ value proposition is harder to see even though the PDN opportunity remains solidly intact.”
RBC said it believes that the company’s salesforce team and messaging is still “not fully integrated” and that the company needs to bring in more key opinion leaders to drive the message that the company’s technology “is backed by robust clinical evidence.”
RBC set its price target for the stock at $20.
More on Entheon Biomedical Corp., Nevro, etc.
- Regeneron Pharmaceuticals Inc. (REGN) 42nd Annual JPMorgan Healthcare Conference - (Transcript)
- Why I Expect Regeneron To Keep Delivering For Investors In 2024 (Upgrade)
- Regeneron Pharmaceuticals Inc. (REGN) American Society of Hematology 2023 Investor Conference - (Transcript)
- Regeneron eyes Wegovy combo to improve quality of weight loss
- Nevro to lay off 5% of workforce, reports Q4 worldwide revenue of $116 million