J.P. Morgan cuts PT on Inogen on uncertain market demand

Inogen

03/11/2022 17:27

** J.P. Morgan cuts PT on medical device company Inogen Inc
 INGN.O  to $22 from $32; says "significant uncertainty"
continues in underlying market demand for Inogen's U.S.
direct-to-consumer (DTC) business 
    ** On Wednesday, INGN reported Q3 revenue that beat
analysts' estimates, helped by higher domestic
business-to-business (B2B) sales - Refinitiv
    ** J.P. Morgan cites B2B backlog for Inogen's Q3 beat,
however adds that it was offset by a significant miss in US DTC
    ** Brokerage William Blair says with supply remaining 
constrained, "visibility to growth remains challenging" for
Inogen
    ** Needham also trims PT on stock to $36 from $45  
    ** INGN shares fall as much as 7.4% to $19.87; stock down
~40% this year 
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))