- RxSight ( NASDAQ: RXST ) is trading ~5% lower after Wells Fargo downgraded to equal weight from overweight
- Wells Fargo analyst Larry Biegelsen believes demand for RxSight's light adjustable lens (LAL) will be sensitive to a possible economic downturn.
- The analyst said LALs are priced at a premium to other advanced technology intraocular lenses (AT-IOL), with significant out-of-pocket cost and patients can pay up to $4,000+ per eye and may be less willing to do so in a recession, lowering its price target to $14 from $20.
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RxSight falls after Well Fargo cuts rating to equal weight on economic downturn