Canaccord Genuity Downgrades Vicarious Surgical inc. (RBOT) to Hold, 'Struggles continue'

Canaccord Genuity analyst Caitlin Cronin downgraded Vicarious Surgical inc. (NYSE: RBOT) from Buy to Hold with a price target of $0.40 (from $9.00).

The analyst comments "RBOT posted thesis-changing Q3 results as cost-cutting initiatives coupled with problems integrating its v1.0 system caused RBOT to push timelines 12-18 months out, expecting De Novo submission now in early to mid-2026. In an effort to control spending and extend its cash runway, management has again cut costs, this time in significant R&D functions and outsourced R&D spending. These cuts, along with V1.0 build and integration setbacks, have effectively pushed out RBOT's current timeline, with V1.0 integration expected in 2H/24 and De Novo submission in early to mid-2026. We remind investors that last quarter, RBOT pushed the De Novo submission to early 2025 (vs late 2024 previously). While we continue to believe that with its differentiated suite of innovative technologies, Vicarious Surgical is uniquely positioned to become a disruptor in the robotic surgery market, after two cost reductions over the last 12 months and continued timeline delays, we are cognizant of further risk to the timeline going forward. Even if there are no further delays, the significant extension of the commercialization timeline gives competitors more time to establish a market presence and leave increasingly less room for RBOT.
Thus, we are downgrading to HOLD and lowering our PT to $0.40. We will reassess our rating in the future if RBOT can execute on its upcoming timelines/catalysts."

For an analyst ratings summary and ratings history on Vicarious Surgical inc. click here. For more ratings news on Vicarious Surgical inc. click here.

Shares of Vicarious Surgical inc. closed at $0.38 yesterday.

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