By Sam Boughedda
Investing.com — Renalytix AI (NASDAQ:RNLX) had a positive start to Tuesday. In the early part 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 premarket, BTIG initiated the stock with a buy and $24 price target. Analyst Mark Massaro said the company can expand its test label to around 37 million patients from 12 million and broaden its market opportunity.
In a research note, Massaros said: "RNLX addresses a large initial $11B market, and we are not aware of any competition. We believe RNLX can expand its test label from ~12 million patients to ~37 million patients and expand its market opportunity. We believe RNLX is positioned to benefit from the rising tide of implementing proactive precision medicine, which is well understood in early cancer detection, but hasn't yet been applied to kidney disease."
Renalytix's U.S. listed shares jumped at the open, reaching a high of $17.83, but the momentum was soon lost, and its stock price ended the day down 0.26%. In addition, the company's London listed shares closed the session flat at 620p per share.