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 $2.50.
Yi Chen has given his Buy rating due to a combination of factors including IceCure Medical’s ongoing discussions with the U.S. FDA regarding its ProSense cryoablation system. The company is seeking De Novo marketing authorization for this minimally invasive procedure, which could potentially replace the current standard of care for early-stage low-risk breast cancer. The FDA’s advisory panel has shown support for ProSense, with a majority of panelists voting in favor of its benefits outweighing the risks. This positive feedback increases the likelihood of FDA marketing clearance by the second quarter of 2025.
Furthermore, IceCure Medical has demonstrated revenue growth in 2024, primarily driven by sales in North America, Japan, and other regions in Asia and Europe. Despite a decline in sales in China and Latin America, the overall increase in revenue supports a positive outlook. Additionally, the company’s partnership with Terumo in Japan, which plans to seek regulatory approval for ProSense in 2025, further strengthens the potential for market expansion. These factors contribute to Yi Chen’s confidence in the company’s future prospects, justifying the Buy rating and a price target of $2.50.
Chen covers the Healthcare sector, focusing on stocks such as Opko Health, RegenXBio, and Anixa Biosciences. According to TipRanks, Chen has an average return of -15.6% and a 31.02% success rate on recommended stocks.