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The guidance puts 2023 revenues some 37% below the pre-news consensus.
"We struggle to see what makes the equity performance materially better in the near- or intermediate-term, even acknowledging extension of the cash runway at least well into 2024," Raymond James writes.
"We don't think any of the actions announced earlier this week were necessarily the wrong things to do, but our move to a neutral rating reflects the reality of a stock that will be noisy," the analysts added.
NVTA currently trades at 2.8x updated 2023 sales estimate. The analysts do not view this as particularly accommodative compared with growth diagnostic peers largely in the low- to mid-single digit range.
Price Action: NVTA shares are up 0.85% at $2.36 during the market session on the last check Thursday.
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