Canaccord Adams Downgrades NxStage Medical (NXTM) to Hold
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Canaccord Adams downgrades NxStage Medical (Nasdaq: NXTM) from Buy to Hold and lowers its price target from $12 to $7.
The firm recommends that investors wait on the sidelines until "visible improvements to new patient adds and the benefits of cost initiatives that would drive NxStage toward profitability." Put simply, Canaccord believes that there are just "too many unknowns" in NxStage's fundamental performance to go long any further.
Notably, Canaccord expects NxStage to announce that it will need to raise additional capital within the next six months.
NxStage Medical, Inc., a medical device company, engages in the development, manufacture, and marketing of systems for the treatment of end-stage renal disease and acute kidney failure in the United States. [BCS]
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