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On Friday, H.C. Wainwright analyst Edward White maintained a Buy rating on Nyxoah SA (NASDAQ: NYXH) with a steady price target of $17.00, aligning with the broader analyst consensus that shows targets ranging from $12.98 to $16.89. White noted that Nyxoah’s fourth-quarter sales for the Genio system were €1.3 million, a decrease from €1.8 million in the same quarter the previous year. According to InvestingPro data, the company has demonstrated strong revenue growth of 32.65% over the last twelve months despite quarterly fluctuations. However, he explained that this figure does not include €0.6 million in deferred revenues related to disposable patches for the Genio system. Without the deferred revenue, total revenue for the quarter would have been €1.9 million, marking a 46% quarter-over-quarter increase.
Nyxoah’s Genio system, a unique hypoglossal neurostimulation device for treating Obstructive Sleep Apnea (OSA), has maintained a stable market share of approximately 25%. The gross margin in the fourth quarter stood at 73%, consistent with the company’s overall strong gross profit margin of 61.77% over the last twelve months. InvestingPro analysis reveals the company maintains excellent liquidity with a current ratio of 5.28, indicating strong operational flexibility. Get access to 7 more exclusive InvestingPro Tips and comprehensive financial analysis through the Pro Research Report. Although the company’s sales fell short of the analyst’s €2.4 million estimate and the consensus estimate of €2.0 million, Wainwright forecasts Genio sales to reach €15.0 million in 2025, factoring in anticipated sales in Europe and the upcoming sales in the U.S. starting in the third quarter of 2025.
Recent developments for Nyxoah include the commercial launch of the Genio system in the UK on December 13, 2024, with the first successful implants, and its introduction to the Middle Eastern market announced on February 19, 2025. Genio is CE-Mark validated and is part of the NHS Specialized Services Devices Programme (SSDP) in Europe. White highlighted the potential for market growth in the UK, comparable to Germany, which is currently the largest market for OSA outside the U.S., and the Middle East, which could represent about 10% of the German market.
Looking forward, Nyxoah aims to further penetrate the German and UK markets and expand into new territories internationally. The company’s stock has shown strong momentum with a 28.16% return over the past six months, and InvestingPro analysis indicates the stock is currently undervalued based on its proprietary Fair Value model. White’s reiteration of the Buy rating and $17 price target reflects confidence in Nyxoah’s growth trajectory and market expansion plans, supported by the company’s solid financial health score of FAIR from InvestingPro’s comprehensive assessment system.
In other recent news, Piper Sandler has maintained a positive outlook on several companies in the hypoglossal nerve stimulation (HGNS) therapy market. The firm has reiterated its ’Overweight’ rating on Inspire Medical (TASE:BLWV) Systems (NYSE:INSP), Inc., setting a price target of $260. This valuation considers the company’s enterprise value in relation to projected sales for 2026, alongside an estimated $524 million in net cash. LivaNova PLC (NASDAQ:LIVN) also received an ’Overweight’ rating from Piper Sandler, with a price target of $75, which is based on projected 2026 EBITDA estimates and includes $40 million in net cash. Nyxoah S.A. was similarly rated ’Overweight’ with a price target of $18, factoring in projected sales for 2026 and assuming about $76 million in net cash. These ratings reflect Piper Sandler’s belief in the continued demand for HGNS therapy, even as new medications like Eli Lilly (NYSE:LLY)’s Zepbound enter the market. The firm remains optimistic despite potential risks such as commercial execution and competition, supported by positive physician feedback and the companies’ confidence in the market’s resilience.
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