Nyxoah (NASDAQ:NYXH) might be a challenge to pronounce, but don’t sleep on the opportunity to consider investing in this little-known medical device developer. I am bullish on NYXH stock because it’s catching some well-deserved momentum, and there’s really nothing standing in the company’s way today.
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Nyxoah provides solutions to treat obstructive sleep apnea (OSA), which the company describes as the “most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities.” In other words, Nyxoah’s products could conceivably save people’s lives.
Can you get a restful night of sleep if you choose to buy and hold NYXH stock, though? Don’t take a nap now, as there’s a lot to learn about Nyxoah.
Why is Nyxoah Stock on the Move?
Nyxoah stock is figuratively on fire, having zoomed from $4 to more than $12 recently. Is this just the result of hype and/or a short squeeze? Let’s backtrack for a moment. Nyxoah’s main product is called the Genio system. This product applies leadless, battery-free neuro-stimulation therapy for OSA.
Not long ago, Nyxoah offered an ambitious timeline for the company’s “DREAM” research study to address OSA. The preliminary data for this study was encouraging, and Nyxoah CEO Olivier Taelman revealed that NYXH is “on the cusp of the most significant milestone in the Company’s history with the reporting of DREAM results in the coming months.”
Meanwhile, on the financial side of the equation, Nyxoah recently released its preliminary fourth-quarter 2023 results. Amazingly, Nyxoah’s revenue is expected to have increased by 40% year-over-year and 87% month-over-month to around €1.8 million.
Is NYXH Stock a Buy, According to Analysts?
On TipRanks, NYXH comes in as a Strong Buy based on five unanimous Buy ratings assigned by analysts in the past three months. The average Nyxoah stock price target is $12, implying 2.8% downside potential.
Conclusion: Should You Consider NYXH Stock?
Even skeptical investors can’t easily argue with Nyxoah’s revenue growth. Furthermore, Nyxoah might soon reveal its full test results for the company’s potentially lifesaving OSA treatment. Consequently, I am considering NYXH stock in order to ride the impressive wave of momentum higher in 2024.
