Silk Road Medical tanks on FY23 revenue forecast cut

Silk Road Medical

11/10/2023 14:54

(Updates)
    ** Shares of medtech co Silk Road Medical  SILK.O  tumble
51.7% to a record low of $6.8 
    ** SILK among top pct. losers across U.S. stock exchanges 
    ** Co forecasts FY23 revenue between $170 mln and $174 mln
vs $180 mln to $184 mln it expected earlier
    ** Separately, co says CEO Erica Rogers plans to retire
    ** Citigroup downgrades co to "sell" from "buy"
    ** Brokerage also cuts PT to $8 from $35, lowest among 11
analysts covering the stock - LSEG data
    ** SILK down ~86% YTD

 (Reporting by Siddarth S and Pratik Jain in Bengaluru)
 ((Siddarth.s@thomsonreuters.com;))