Bank of America Has Lowered Expectations for RxSight (NASDAQ:RXST) Stock Price

RxSight (NASDAQ:RXST) had its price target cut by research analysts at Bank of America from $8.00 to $6.50 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 23.48% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of RxSight from $11.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of RxSight in a report on Tuesday. Stifel Nicolaus lowered their price objective on shares of RxSight from $10.00 to $9.00 and set a “hold” rating on the stock in a research report on Monday, March 9th. Finally, Weiss Ratings cut shares of RxSight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Two equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $9.17.

RxSight Price Performance

NASDAQ RXST traded down $0.34 during trading hours on Tuesday, hitting $5.26. The company’s stock had a trading volume of 1,522,591 shares, compared to its average volume of 972,348. RxSight has a 12 month low of $4.48 and a 12 month high of $13.22. The company’s 50 day simple moving average is $5.58 and its two-hundred day simple moving average is $7.46. The company has a market cap of $217.93 million, a P/E ratio of -4.64 and a beta of 1.15.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in RxSight in the 2nd quarter worth approximately $28,000. Summit Securities Group LLC purchased a new position in RxSight during the first quarter valued at approximately $30,000. Larson Financial Group LLC boosted its position in shares of RxSight by 110.5% in the third quarter. Larson Financial Group LLC now owns 3,979 shares of the company’s stock worth $36,000 after purchasing an additional 2,089 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of RxSight by 440.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,758 shares of the company’s stock worth $39,000 after purchasing an additional 3,063 shares during the period. Finally, CWM LLC boosted its position in shares of RxSight by 211.1% in the fourth quarter. CWM LLC now owns 3,826 shares of the company’s stock worth $40,000 after purchasing an additional 2,596 shares during the period. Institutional investors own 78.78% of the company’s stock.

About RxSight

RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non‐invasive post‐operative adjustments. Using ultraviolet light, surgeons can fine‐tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.

Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.