Sight Sciences Inc. (SGHT) PT Lowered to $4 at Stifel

Stifel analyst Thomas M. Stephan lowered the price target on Sight Sciences Inc. (NASDAQ: SGHT) to $4.00 (from $5.00) while maintaining a Buy rating.

The analyst commmented, "As pre-announced, total 4Q24 revenue of $19.1MM missed our/Street’s pre-JPM estimates of $21.2MM/$20.4MM, as Surgical Glaucoma faced a greater-than-anticipated headwind from the MIGS LCDs that became effective in mid-November. MIGS end market headwinds are expected to persist this year, resulting in total company 2025 revenue guidance of $70MM-$75MM falling short of our latest $75MM estimate, with implied Surgical Glaucoma y/y growth of only -3% to -9%. Our survey diligence earlier in the year pointed to a declining 2025 MIGS market and while SGHT’s OMNI was a share donor in our checks, we are still inclined to believe conservatism is factored into guidance—notably around end market weakness, competition, and (zero) contribution from TearCare payer wins. Our Buy rating currently is predicated in large(r) part on TearCare reimbursement optimism (including 2025 payer catalysts)—along with LCD headwinds that should largely be lapped by YE25, an untapped standalone MIGS opportunity, and a solid balance sheet."

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