IRTC - iRhythm stock falls 9% as Citi cuts rating to Neutral ahead of CMS decision for Zio patch

iRhythm Technologies (NASDAQ:IRTC) stock fell ~9% June 9 after Citi downgraded the stock to Neutral from Buy with a price target of $155, down from $180. Citi analyst Joanne Wuensch noted that the medical device maker is facing a potential Centers for Medicare and Medicaid Services (CMS) national coverage decision for the Zio XT patch — a wearable patch for recording a patient's heartbeats. The company is facing a potential Centers for Medicare and Medicaid Services National Coverage Decision for its Zio XT patch, Wuensch tells investors in a research note. While CMS has delayed answering to the local Medicare administrative contractors the past two years, the agency is potentially ready to post proposed rates in July which will be finalized in November and implemented in January 2023, the analyst noted. Wuensch lowered her 2023 Medicare reimbursement rate to $200, or the rate debated by CMS in the 2022 ruling. The analyst thinks that

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iRhythm stock falls 9% as Citi cuts rating to Neutral ahead of CMS decision for Zio patch