HYPR - Hyperfine downgraded to equal weight at Wells Fargo following Q2 results reduced guidance
- Wells Fargo has downgraded Hyperfine ( NASDAQ: HYPR ) to equal weight from overweight following disappointing Q2 2022 results Wednesday that included lowering guidance .
- The firm also cut its price target to $2.40 from $8 (~29% upside based on Wednesday's close).
- The stock is down 20% in early Thursday afternoon trading.
- Analyst Larry Biegelsen said the healthcare imaging company significantly reduced its 2022 revenue estimate to $7M-$8M from $10M-$12M. He added Hyperfine ( HYPR ) just reiterated its revenue guidance at the end of June.
- "This is also the second time the company significantly reset expectations with the original SPAC projections calling for $16.3M in 2022," Biegelsen added.
- He noted that the company faces uncertainty given that it still lacks a full-time CEO.
- Seeking Alpha's Quant Rating views Hyperfine ( HYPR ) as a strong sell.
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Hyperfine downgraded to equal weight at Wells Fargo following Q2 results, reduced guidance