Piper continues to believe Apyx Medical will receive 510k clearance

Apyx Medical’s decision to withdraw its 510k submission for dermal resurfacing following FDA pushback on various aspects of their study removes a source of upside and will “no doubt give legs to some of the theories floated in the short report,” Piper Jaffray analyst Matt O’Brien tells investors in a research note. However, the analyst continues to believe that once Apyx “irons out” some of its clinical hurdles, the company will receive this clearance. Additionally, O’Brien feels that the product’s use off-label for these procedures is likely reflective of J-Plasma’s “unique utility in these situations,” which allows him to remain constructive on the stock. He reiterates an Overweight rating on Apyx Medical with a $10 price target.

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