Icecure Medical (ICCM – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Yi Chen from H.C. Wainwright remains neutral on the stock and has a $3.00 price target.
Yi Chen has given Icecure Medical a Buy rating due to a combination of factors that highlight the company’s potential in medical treatments for kidney cancer and the promising prospects of its ProSense technology. The independent studies of ProSense showed impressive results, with a 92% disease-free survival rate in kidney cancer tumors and 100% secondary local control rate upon re-treatment. These outcomes not only corroborate the data from Icecure’s own ICESECRET study but also suggest ProSense as an effective, economical, and patient-friendly option. The analyst emphasizes that continued clinical data could further support the market adoption of ProSense, which has already received approval in multiple regions including the U.S. and Europe.
Additionally, Icecure Medical’s appeal following FDA’s denial of its De Novo application for early-stage, low-risk breast cancer treatment reflects management’s commitment to regulatory progress. The completion of the ICE3 study in the first quarter of 2024, with the expectation of marketing clearance mid-year, presents a significant milestone. The interim results of the ICE3 trial, which showed a low breast tumor recurrence rate and high patient and physician satisfaction with cosmetic outcomes, underpin the optimism for the five-year results. This reinforces the analyst’s confidence in Icecure Medical’s future performance and supports the Buy rating with a price target of $3.
According to TipRanks, Chen is an analyst with an average return of -33.5% and a 21.38% success rate. Chen covers the Healthcare sector, focusing on stocks such as Icecure Medical, Ocular Therapeutix, and Clearside Biomedical.
In another report released on November 16, Maxim Group also reiterated a Buy rating on the stock with a $2.00 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
