Renalytix ends slightly after joint ADA program and purchase rating
By Sam Boughedda
Investing.com – Renalytix AI (NASDAQ 🙂 got off to a positive start on Tuesday. At the start of the European session, the company announced a joint program with the American Diabetes Association to improve kidney health in patients with type 2 diabetes.
Then, in pre-trade, BTIG launched the action with a buy and price target of $ 24. Analyst Mark Massaro said the company can expand its testing label to around 37 million patients from 12 million and expand its market opportunities.
In a research note, Massaros said: “RNLX is targeting a large initial market of $ 11 billion, and we are not aware of any competition. We believe RNLX can expand its testing label by ~ 12 million patients to ~ 37 million patients and expand its market opportunity We believe RNLX is well positioned to benefit from the growing wave of implementation of proactive precision medicine, which is well understood in the early detection of cancer, but has not yet been applied to kidney disease. “
Renalytix’s US-listed shares surged at the open, hitting a high of $ 17.83, but momentum quickly lost and its share price ended the day down 0.26. %. Additionally, the company’s London-listed shares closed the session flat at 620p per share.