tiprankstipranks
Nano-X Imaging Scanning for FDA Approval
Stock Analysis & Ideas

Nano-X Imaging Scanning for FDA Approval

Within the realm of publicly traded healthcare companies, the price action of biotech firms somewhat mimics that of typical pharmaceuticals: both bounce up and down based off FDA filings and approval stages. This is true as well for Nano-X Imaging Ltd. (NNOX), an Israeli medical imaging technology company, which has seen its share price swing dramatically since its August 2020 IPO. (See Nano-X Imaging stock charts on TipRanks) 

Rahul Rakhit of LifeSci Capital covered recent updates in his report, stating that NNOX had announced an FDA filing for one of its main products, the multi-source Nanox.ARC 3D digital tomosynthesis system. The system produces scans of a human body part. Rakhit was pleased to see that the regulatory process is progressing for the company, and that the path ahead toward commercialization has become more transparent.  

Rakhit assigned a Buy rating for the stock, and declared a price target of $46, suggesting a possible upside of 45.34% from the Friday closing price of $31.65.  

The analyst wrote that the filing was a pivotal milestone for Nano-X, and the company is on track for a global release of its first product. He anticipates that by years-end of 2022, over 1,000 units will be distributed.  

Beyond COVID-19 related issues, Nano-X imaging has overcome several regulatory and manufacturing challenges, and now Rakhit sees a smoother path for the company to achieve its ultimate goal of reaching the customer.  

He expects that by years-end of 2021, the company will file once more with the FDA for its Nanox.CLOUD product.  

Rakhit did warn investors that an FDA approval process for such a product is expected to take at least twice as long as is average, due to the complicated nature of the filing and review process. He does, however, anticipate a positive approval for Nanox.ARC in approximately nine to twelve months.  

On TipRanks, NNOX has an analyst rating consensus of Strong Buy, based on 3 Buy ratings and 1 Hold rating. The average analyst Nano-X Imaging price target is $47.67, reflecting a potential 12-month upside of 50.62%.  

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. 

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles