ICAD Focuses On Areas Of High Unmet Need In Cancer Detection, BTIG Says

ICAD Inc ICAD is poised to benefit in the long term from its AI-driven cancer detection tools and electronic brachytherapy product, according to BTIG.

The iCAD Analyst: Marie Thibault initiated coverage of iCAD with a Buy rating and a price target of $25.

The iCAD Thesis: The company’s two business segments — ProFound AI and Xoft eBx — are focused on “expanding into areas of high unmet need,” Thibault said in the initiation note.

ICAD was the first to market an AI-powered detection solution for digital breast tomosynthesis. Its market leadership and large installed base give the company “a strong position for growth,” she added.

“We expect this fast pace of adoption to speed up further as the pandemic wanes and as the full launch of ProFound AI Risk for DBT kicks off this year,” the analyst further wrote.

“Xoft has broad regulatory clearances but is also being studied in specific cancer types, most notably glioblastoma, where its use has shown promising early clinical results and it is being evaluated in a larger trial now,” Thibault said.

ICAD Price Action: Shares of iCAD are down 1.91% to $18.98 at the time of publication Tuesday.

(Photo by National Cancer Institute on Unsplash)