Maham Fatima
2 min read
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Wells Fargo upgraded RxSight Inc. (NASDAQ:RXST) from Equal Weight to Overweight on Monday, while raising its price target from $17 to $25 due to an attractive valuation at the current stock price. Wells Fargo believes that the market is undervaluing RxSight's differentiated light-adjustable lens/LAL technology and its potential for incremental market growth.
A close up detail of a cataract surgery instrument in the hand of a cataract doctor.
The firm emphasizes RxSight's first-mover advantage in this market. While major players have indicated interest in the adjustable intraocular lens/IOL market, Wells Fargo maintains that the development timelines are extensive and hence notes RxSight's decade-plus journey to bring LAL to the US market and expects a considerable delay before competitors can enter.
RxSight Inc. (NASDAQ:RXST) is a commercial-stage medical tech company that engages in the research and development, manufacture, and sale of light-adjustable intraocular lenses/LAL used in cataract surgery in the US. It offers the RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.
RxSight is ahead of schedule with a software update for its Light Delivery Device/LDD procedures and has received full regulatory approval for its LAL Plus and LDD products in South Korea, with anticipated UK approval in Q2 2025.
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Disclosure: None. This article is originally published at Insider Monkey.
