UPDATE: Stifel Starts Nyxoah SA (NYXH) at Buy
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Stifel analyst Jonathan Block initiates coverage on Nyxoah SA (NASDAQ: NYXH) with a Buy rating and a price target of $43.00.
The analyst comments "The number of moderate-to-severe obstructive sleep apnea patients is tremendous both here and abroad, and while CPAP likely remains the first-line therapy due to its non-surgical nature, compliance rates have been — and likely remain — sub optimal. This leaves a massive (we estimate $20+ billion) market opportunity for second-line therapies, with our diligence identifying hypoglossal nerve stimulation (HGNS) as the preferred solution.To date, Inspire Medical has done a very effective job pioneering the HGNS market, securing reimbursement and training physicians. However, we believe we are only in the early innings of a very large market opportunity. Importantly, for Nyxoah’s Genio system, our checks suggest the system’s differentiated features and functionality will resonate with physicians,leading to high future adoption rates and market share gains that would imply upside to our 2024-2026 U.S revenue estimates. We initiate coverage with a Buy rating and $43 target price on Nyxoah SA shares."
Shares of Nyxoah SA closed at $32.69 yesterday.
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