Stifel Reiterates Buy Rating on Renalytix AI Plc. (RNLX) After Medicare Delay
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Stifel analyst Daniel Arias reiterated a Buy rating and $30.00 price target on Renalytix AI Plc. (NASDAQ: RNLX) after the Centers for Medicare & Medicaid Services (CMS) announced that it will delay the implementation of the Medicare Coverage for Innovative Technology (MCIT) program for 60 days in what appears to be a part of a regulatory freeze put in place by the new Biden administration.
The analyst stated "While the development no doubt introduces some uncertainty to a process that has driven meaningful enthusiasm for shares since January and it is unclear whether this triggers changes in the scope of the program, the risk to RNLX looks low at the moment - most notably because a May implementation would still come ahead of an expected calendar 2H21 FDA approval (which would trigger coverage and reimbursement) much the same way a March implementation would."
Shares of Renalytix AI Plc. closed at $28.00 yesterday.
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