Sight Sciences Inc. (SGHT) PT Lowered to $5.50 at Piper Sandler

Piper Sandler analyst Matt O'Brien lowered the price target on Sight Sciences Inc. (NASDAQ: SGHT) to $5.50 (from $6.00) while maintaining a Neutral rating.

The analyst commented, "This afternoon, SGHT reported Q3 results with sales that came in line with our expectations, though surgical glaucoma did fall short of expectations. Management noted that recent LCDs, which non-covered MIGS procedures that use multiple devices, impacted revenues in Q3 and will likely remain a headwind going forward. Further, OMNI did not receive device intensive designation which will likely be a headwind next year too. On the other hand, the Dry Eye franchise continues to make strides as the company transitions to a reimbursed model (we remain big fans of the technology here, though it is clearly going to take time). The company also reiterated their pathway to profitability with current liquidity. Nonetheless, we worry that competitive trialing in the coming quarters could weigh on the name and prefer to stay on the sidelines until we see sustained evidence of a re-acceleration on the top-line. We reiterate our Neutral rating."

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