Canaccord Genuity has raised its price target for AngioDynamics, the US-based medical device company, pointing to robust momentum behind its NanoKnife technology. The broker’s upgrade reflects growing confidence in the firm’s non-thermal ablation platform, which is used in minimally invasive cancer treatments.
NanoKnife, which uses irreversible electroporation to destroy tumour cells without heat, has been gaining traction among oncologists and hospitals. Canaccord’s analysts noted that adoption rates are accelerating, particularly in prostate and liver cancer procedures, bolstering AngioDynamics' revenue outlook.
While AngioDynamics is listed on the Nasdaq, the upgrade has implications for UK investors with exposure to US healthcare stocks through pension funds or ETFs. The medical technology sector remains a focus for global growth investors, and positive broker commentary can influence sentiment across the Atlantic.
UK-listed peers in the medical devices space, such as Smith & Nephew and ConvaTec, may also see indirect interest as investors reassess the broader sector. However, analysts caution that AngioDynamics' performance is tied to US regulatory and reimbursement dynamics, which differ from the UK's NHS framework.
Canaccord’s revised target suggests potential upside from current levels, though the broker did not specify a new numerical target in the available information. The update underscores the importance of innovation in oncology devices as a driver of long-term value for healthcare investors.