Nyxoah price target lowered to $9 from $12 at Piper Sandler

Piper Sandler lowered the firm’s price target on Nyxoah (NYXH) to $9 from $12 and keeps an Overweight rating on the shares. The firm notes the company reported Q3 revenue of EUR 2.0M, which came in-line with its estimate and the Street’s bogey. The U.S. Genio launch appears to be progressing nicely, with Nyxoah announcing that it has done 15 U.S. implants and received 35 VAC approvals through the end of October. Piper understands the process to receive VAC and prior authorization approvals can be onerous and believes that the Q4 guidance of EUR 3.4M – EUR 3.6M feels appropriately calibrated.