What Is Going on With IceCure Medical (ICCM) Stock Today? thumbnail

What Is Going on With IceCure Medical (ICCM) Stock Today?

Posted on

Image of a doctor showing a patient a chart representing ICCM stock.

Source: Shutterstock

IceCure Medical (NASDAQ:ICCM) stock is taking off on Tuesday as investors react to an update for Medicare coverage of breast cancer patients.

The big news investors need to know about is the Centers for Medicare & Medicaid Services assigning ProSense “CPT Category III code 0581T to ambulatory payment classification 5091, Level 1 Breast/Lymphatic Surgery and Related Procedures.”

But what does that mean? To put it simply, it opens up more patients to receiving treatment with ProSense. Investors will note that this is a treatment method that’s minimally invasive and freezes tumors to destroy them.

What this means is, starting Jan. 1, 2023, Medicare will open payment assignments for this procedure on a case-by-case basis. The only requirement still remaining is approval from the U.S. Food and Drug Administration (FDA) for the marketing of the treatment.

A Milestone for ICCM Stock

IceCure Medical CEO Eyal Shamir said the following about the news.

“This Medicare Payment Group assignment is a significant milestone that will support our commercialization of ProSense for early-stage breast cancer if we receive FDA marketing authorization. We believe private insurers will be similarly open to covering the procedure based on the CMS’s position, the robust data on favorable patient outcomes, and the corresponding improved healthcare economics.”

Heavy trading for ICCM stock follows today’s Medicare news. This has more than 28 million shares of the stock changing hands. That’s a massive leap over its daily average trading volume of about 31,000 shares.

ICCM stock is up 14.4% as of Tuesday morning.

There’s more stock market news traders will want to know about on Tuesday below!

We’ve got all of that news ready to go for traders today! A few examples include what has shares of Lucid (NASDAQ:LCID), Party City (NYSE:PRTY), and SunPower (NASDAQ:SPWR) stock. You can find all of that at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.