In a report released today, Yi Chen from H.C. Wainwright reiterated a Buy rating on Icecure Medical (ICCM – Research Report), with a price target of $3.00.
Yi Chen has given his Buy rating due to a combination of factors including the impressive results from IceCure Medical’s ICE3 study and the potential market size for ProSense, their cryoablation system. The ICE3 study reported a 96.39% recurrence-free rate in patients with early-stage breast cancer after a five-year follow-up, which is considered a strong indicator of the treatment’s efficacy. Furthermore, there were no significant device-related adverse events, bolstering the case for its safety profile. Chen anticipates that these positive results could lead to FDA clearance for ProSense, which could potentially serve a considerable annual target patient population in the U.S. alone.
Moreover, the publication of the LUMINA study, which showed low recurrence rates in a similar patient demographic, may serve as a benchmark for the FDA when evaluating ProSense’s efficacy. Yi Chen’s financial valuation of IceCure Medical includes a DCF analysis that results in a market value for the firm at $143M and an estimated value of approximately $3 per share. The assigned probability of approval for ProSense is a robust 85%, which is factored into the valuation. However, Chen also acknowledges risks such as clinical trial failures, regulatory hurdles, market success challenges, and potential share dilution. Despite these risks, the overall strong performance in clinical trials and the substantial market opportunity contribute to the Buy rating.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Icecure Medical (ICCM) Company Description:
Icecure Medical Ltd is a Israel based firm which develops and markets minimally invasive cryoablation therapies for women’s health. The company provides a minimally invasive, in-office definitive treatment for symptomatic breast fibroadenoma.
