Icecure Medical (ICCM – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Anthony Vendetti from Maxim Group remains neutral on the stock and has a $2.00 price target.
Anthony Vendetti has given his Buy rating to IceCure Medical’s stock due to a combination of factors. Despite a disappointing 3Q23 revenue report, Vendetti sees potential due to the company’s response to the FDA’s denial of its De Novo Classification request. He considers the company’s proactive appeal and the continued progress in the ICE3 study as indicators of future potential. Additionally, the company’s ongoing development of its next-gen single-probe cryoablation system, expected to have an FDA submission in 1H24, further bolsters this optimistic outlook.
Vendetti also highlights the company’s financial status with a notable $13.2M in cash and no debt, predicting a sufficient capital to last into 4Q24. He appreciates the company’s strategic moves like expanding its distribution through a non-exclusive agreement with MC Medical, the largest third-party distributor in Portugal, and appointing a VP of sales in North America. Vendetti believes these actions could drive the adoption and utilization of the ProSense system across various indications. Lastly, he also sees potential in the 17 independent studies across various indications, which reflects industry interest in IceCure’s technology. All these factors contribute to Vendetti’s confidence in IceCure Medical’s potential in breast cancer cryoablation and its pipeline of clinical data, leading to his Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $3.00 price target.
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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.
Read More on ICCM:
- IceCure Medical Reports Financial Results as of and for the Nine Months Ended September 30, 2023, and Provides Update on Recent Operational Highlights
- IceCure Medical asks fro review from FDA for the De Novo Classification Request
- IceCure Medical receives Nasdaq minimum bid price notification
- IceCure Medical management to meet with Oppenheimer
- IceCure Medical management to meet with Maxim
