IceCure Medical (NASDAQ:ICCM) is having a big day today. The stock was up well over 250% in Tuesday’s trading. Its explosive shot upward came following interim results from a study around its ProSense System, which targets a specific kind of cancer. Specifically, it targets very small lesions on a patient’s kidneys.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Under normal circumstances, surgical removal is the go-to approach. However, the ProSense is designed to work for lesions that aren’t suitable to be surgically removed, especially ones that are under five centimeters.
The ProSense works in a familiar fashion, yet not one commonly considered in attacking kidney masses. It freezes said lesions for easier removal. Meanwhile, its effectiveness is downright shocking; follow-up visits revealed that the patients who had no recurrence of lesions were a little over 85%. Patients also needed precious little hospital time to have the procedure completed; the highest reported time was two days.
IceCure should be on top of the world right now. Though there’s no data on insider trading in the company, and hedge funds have all but abandoned the stock since this time last year, there’s one analyst who’s still all in. Anthony Vendetti considers IceCure a Buy, with a price target of $3.00. However, this implies 13.29% downside risk following today’s move.
