Cantor starts Nyxoah at OW; PT $43

Cantor Fitzgerald initiated coverage of Nyxoah SA (NASDAQ:NYXH) with an “overweight” rating and 12-month price target of $43, citing the company’s “pipeline and uniquely differentiated product”. The stock closed at $32.80 on July 27.

Nyxoah is a medical technology company that provides solutions to treat obstructive sleep apnea (OSA). 

Nyxoah’s Genio system is a CE-marked, minimally invasive, next generation hypoglossal nerve stimulation device for patients with moderate-to-severe OSA that fail or cannot tolerate continuous positive airway pressure treatment. 

Genio stimulates the hypoglossal nerve bilaterally, which “we believe differentiates it from existing unilateral treatments,” writes analyst Stephen Halper. 

The company is currently seeking FDA regulatory approval, which is expected by mid-2023, he added. 

“We expect European shipments of the Genio System to ramp in the next few years, as well as recognize that the U.S. commercial launch is likely to be Nyxoah’s most significant growth driver,” Mr. Harper said. 

“We believe the company is nicely positioned to capture share of a $20-billion market,” he added.