NEW YORK - Morgan Stanley has recently initiated coverage on the medical device company RxSight (NASDAQ:RXST), assigning an Overweight recommendation and establishing a price target of $32.81. This target suggests a potential upside of 11.37% from the company's last closing price of $29.46.
Institutional investors have shown a strong belief in the prospects of RxSight, as evidenced by the latest data reflecting a significant uptick in institutional ownership. The number of funds holding RxSight shares has climbed by more than sixteen percent, totaling approximately 284 institutions. This surge in interest is further underscored by the growth in institutional shares held, which now exceed thirty million, marking a nineteen percent increase from the previous quarter.
The investment community's bullish stance is further supported by the current put/call ratio standing at a low 0.09, indicating that investors are more inclined to bet on RxSight's stock price rising rather than falling.
Among the key institutional players, Ra Capital Management has maintained its substantial holding of over three million RxSight shares. Artisan Partners (NYSE:APAM) has notably increased its investment by fourteen percent to nearly two-and-a-half million shares and has also significantly upped its portfolio allocation to the company. Similarly, Lord Abbett & Co has expanded its share count by twelve percent, reinforcing the trend of growing investor confidence in RxSight's market position and future performance.
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