Nyxoah SA

NYXH · NYSE

$0.8344+$0.0124 (+1.51%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $0.822

NYXH analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 6 analysts

Average $4.34 (+420.1% upside)

Low: $1.59
Now: $0.8344
High: $6.73

Upgrades and downgrades

The latest rating actions, newest first

NYXH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Aug 17, 2026	Maintains	Overweight	$11.00 → $6.00	34%
Piper Sandler	Aug 6, 2026	Maintains	Overweight	$7.00 → $6.00	52%
Stifel	Jun 17, 2026	Maintains	Hold	$5.00 → $3.00	55%
Piper Sandler	May 13, 2026	Maintains	Overweight	$9.00 → $7.00	52%
Stifel	May 12, 2026	Downgrade	Buy → Hold	$8.00 → $5.00	55%
Stifel	Apr 10, 2026	Maintains	Buy	$10.00 → $8.00	55%
Cantor Fitzgerald	Mar 23, 2026	Maintains	Overweight	$11.00	34%
Stifel	Mar 20, 2026	Maintains	Buy	$11.00 → $10.00	55%
Stifel	Jan 29, 2026	Maintains	Buy	$12.00 → $11.00	55%
Piper Sandler	Nov 14, 2025	Maintains	Overweight	$12.00 → $9.00	52%

The case for and against

Updated Oct 23, 2026

Bull case

Nyxoah is supported by clear commercial traction, as Q2 net revenue of €7.7M was in line with pre-announced results and FY26 revenue guidance of €36-40M was reiterated, above Street expectations. The U.S. Genio launch appears to be scaling effectively, with active high-volume accounts doubling in the quarter to 180 and 1Q U.S. net revenue up 25% q/q alongside 91 active U.S. accounts and 241 prior auths, signaling improving adoption despite a noisy reimbursement backdrop. Fundamental upside is further reinforced by the PMA supplement approval for Genio 2.1 and the plan to pursue a new Category I CPT code at the February 2027 AMA CPT Editorial Panel Meeting, which could support longer-term reimbursement and growth.

Bear case

Nyxoah is facing a negative fundamental setup despite 1Q revenues of €6.4M, as the company remains in an early commercialization phase where top-line growth has not yet translated into durable profitability. Gross margin of 57.1% lagged expectations and operating expenses of €24.1M exceeded the estimate, underscoring a high-cost structure that continues to pressure earnings quality. Even with strong year-over-year revenue growth, the combination of lower-than-modeled margins and elevated spending suggests execution risk and limited near-term financial flexibility.

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