Renalytix AI Plc. (RNLX) PT Lowered to $3 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen lowered the price target on Renalytix AI Plc. (NASDAQ: RNLX) to $3.00 (from $5.00) while maintaining a Buy rating.

The analyst commented: "Last Friday, Renalytix announced that Medicare had issued a final local coverage determination (LCD) for the company’s KidneyIntelX.dkd testing, effective for dates of service on or after August 1, 2024 with a Medicare price of $950 per test. The LCD specifies coverage for use of KidneyIntelX.dkd for patients with diagnosed Type 2 diabetes and Stage 1-3b chronic kidney disease. The LCD was issued by National Government Services, a subsidiary of Elevance Health—a Medicare Administrative Contractor responsible for claims processing for testing performed in the company's New York City laboratory. Our current estimated market value of the firm is $250M. Assuming 178.8M ordinary shares outstanding at the end of June 2025, this yields a value of roughly $3 per share. Therefore, we reiterate our Buy rating while lowering our 12-month price target to $3 from $5 per share."

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