In a surprising turn of events, the stock of Israeli-based medical device company Nano-X Imaging (NASDAQ: NNOX) made a massive rally after technology giant Nvidia (NASDAQ: NVDA) disclosed its positions, and experts see more advances for NNOX stock price in the next 12 months.
Indeed, the shares of Nano-X Imaging, which uses artificial intelligence (AI) software to advance diagnostic medicine, surged by 50% on February 15, reaching their highest price in over six months, thanks to the positive sentiment surrounding the lesser-known NNOX stock finding its place in Nvidia’s portfolio.
Wall Street weighs in on NNOX stock
In this context, a group of Wall Street analysts is exceptionally bullish on the price of Nano-X Imaging stock for the next 12 months, rating NNOX shares as a ‘strong buy’ with all votes on board, and no recommendations for either a ‘hold’ or a ‘sell,’ according to the latest TradingView data on February 21.
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At the same time, the experts have offered yearly targets for Nano-X Imaging stock price over the course of the past three months, which see NNOX shares increasing further by 76.98%, toward the average price of $18.30, with the lowest target at $14.5 (+40.23%) and the highest at $22.4 (+116.63%).
NNOX stock price analysis
At press time, the price of Nano-X Imaging stock stood at $10.34, which represents a decline of 20.15% on the day, but nonetheless an increase of an impressive 67.94% across a single week, adding up to the gain of 79.51% on its monthly chart, as the most recent data suggests.
Notably, the recent price action has pushed NNOX to the group of the better performing stocks in the healthcare equipment industry, considering it is doing better than 91% of the other 199 stocks in the sector, as well as outperforming 94% of all other assets in the stock market in yearly terms.
Despite retracing since the Nvidia news, NNOX stock action has nonetheless demonstrated the power of such industry maneuvres to the stock market sentiment, more recently also evident in the acquisition of Vizio Holding Corp (NYSE: VZIO) by Walmart (NYSE: WMT), as Finbold reported on February 20.
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