Treace Medical Concepts Inc’s (NASDAQ: TMCI) shares retreated more than 5% on Thursday, after UBS cut its investment rating on the stock to “Neutral”.
UBS cited limited visibility into Treace Medical’s ability to preserve a market share due to intensifying competition for its bunion product Lapiplasty.
The investment bank also revised down its 12-month price target on Treace Medical to $6.50 per share from $16 per share previously.
“While we see upside risk to TMCI’s sales if trends can revert to a semblance of prior years’ growth, we see the stock as appropriately priced given potential reduction in the size of Lapiplasty’s core market,” UBS analysts wrote in a client note.
Stock Performance
The shares of Treace Medical Concepts Inc (TMCI) closed 5.38% ($0.32) lower at $5.63 on Nasdaq on Thursday, as they snapped a three-day streak of gains.
The company’s total market cap now stands at $349.106 million.
The shares of Treace Medical Concepts Inc (TMCI) went down 44.54% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 55.84% so far this year.
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