Analyst Yi Chen of H.C. Wainwright reiterated a Buy rating on Zynex (ZYXI – Research Report), retaining the price target of $8.00.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Yi Chen has given his Buy rating due to a combination of factors including strategic leadership changes and promising product developments. The appointment of Steven Dyson as the new CEO is a significant factor, as his extensive experience in the medical technology sector is expected to help Zynex refine its business strategy and return to a robust growth path. Dyson’s leadership is anticipated to optimize the company’s payer mix and enhance its market position.
Another critical factor influencing the Buy rating is the potential market impact of Zynex’s NiCO pulse oximeter. The recent submission of a 510(k) application to the FDA for this device highlights its advanced laser-based technology, which offers more accurate oxygenation measurements compared to traditional methods. If approved, the NiCO pulse oximeter could allow Zynex to capture a share of the $2.8 billion pulse oximetry market, contributing significantly to future sales. The valuation of Zynex, with a price target of $8 per share, also supports the Buy rating, although risks such as competition and regulatory challenges remain.