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Shares plunged more than 56% on Friday after the company said the U.S. Food and Drug Administration (FDA) issued a full clinical hold regarding the Investigational New Drug (IND) application for FTX-6058 for the potential treatment of sickle-cell disease.
Telsey downgraded Best Buy (BBY) to Market Perform from Outperform and cut its price target to $83.00 from $88.00 ahead of the company’s Q4 earnings report on March 2.
In the near term, Telsey believes the business is likely to experience a further decline related to the challenging macro trends weighing on discretionary consumer demand, given high inflation and rising interest rates.
“Our updated view also incorporates the disappointing outlook provided by other retailers, including Home Depot and Walmart,” added the firm.
CFRA downgraded Carter’s (CRI) to Hold from Buy and cut its price target to $84.00 from $98.00.
The company reported its Q4 results on Friday, with both EPS and revenues coming in above the consensus estimates, while fiscal 2023-year guidance missed expectations.
Northcoast Research downgraded Wingstop (WING) to Neutral from Buy. The company reported its Q4 results last week, with both EPS and revenues coming in better than the consensus estimates.
Raymond James downgraded Open Lending (LPRO) to Outperform from Strong Buy and cut its price target to $9.00 from $10.00. The company reported its Q4 results last week, missing on both EPS and revenues. As a result, shares plunged more than 23% on Friday, but partly recovered today, closing 9% higher.
Oppenheimer downgraded Opendoor (OPEN) to Perform from Outperform based on a slower than previously disclosed 3P (the company’s product offering, introduced in November, that directly connects buyers and sellers of a home) ramp, while the “lower-margin 2Q22 cohort continues to handicap margins.” Shares plunged 10% today.
The firm said it doesn’t see investors supporting the stock until 3P becomes the main growth driver of transactions.
The company reported its Q4 results last week, with EPS/revenues beating the consensus estimates.
Craig-Hallum downgraded MasTec (MTZ) to Hold from Buy with a price target of $97.00 following the company’s reported Q4 results last week.
Truist Securities downgraded Coursera Inc (COUR) to Hold from Buy.
By Davit Kirakosyan
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