NNOX - Is It Too Early to Invest In Nano-X Imaging?
2023-06-01 09:45:00 ET
Investing in up-and-coming businesses can result in potentially life-altering returns for investors. Nano-X Imaging (NASDAQ: NNOX) is a small-cap stock with a valuation of around $1 billion. Many investors are bullish about it and believe it may be the next big growth stock in healthcare. This year, its shares have jumped by 140%, making it one of the hottest stocks to own in 2023.
But given the uncertain road ahead for the business and profitability nowhere in sight, is it too early to be jumping on this bandwagon?
There have been a couple of developments that have gotten investors excited about Nano-X of late. One is that healthcare behemoth Johnson & Johnson disclosed that it increased its investment in the X-ray company by nearly 62%. That's a big increase, but the investment is still worth less than $6 million today. That's a relatively small chunk for a business that last year reported profits of just under $18 billion .
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Is It Too Early to Invest In Nano-X Imaging?