Neutral/Negative Catalysts
- CMS/Medicare reimbursement uncertainty: withdrawal/clarification around skin substitute LCDs and billing guidelines has created provider confusion; multiple analysts expect near-term wound care volume pressure (especially early 2026).
- Technicals still bearish: moving-average downtrend increases risk of failed rallies near resistance (5.36–5.49).
- Options positioning is defensive: elevated IV + put-heavy flow implies the market expects large moves with meaningful downside risk potential.
- No supportive activity signal from hedge funds/insiders (both reported neutral) and no congress trading data to add confidence.
