Goldman Sachs analyst Matthew Sykes downgraded Sema4 Holdings to Neutral from Buy with a price target of $1, down from $3. The company announced its second major strategic reorganization this year, as it is exiting the core reproductive health business, which generated approximately 90% of revenue before the GeneDx deal, Sykes tells investors in a research note. Sema4 is also guiding to $250M revenue this year, less than half of prior guidance of $500M, which represents a steep decline in value as GeneDx was acquired for about $472M, says the analyst. He is “disappointed by the dramatic narrowing of the long-term opportunity set” and Sema4’s refocus on a “much smaller” total addressable market.