What happened

Shares of Nano-X Imaging (NNOX -7.61%), the start-up that wants to revolutionize medical services by giving away its X-ray machines (and taking a cut of the fees instead), were hopping in Wednesday trading, and were up 9.1% at the close.

Stock up. Hand draws rising stock chart in red colored pencil

Image source: Getty Images.

So what

For the past two days, as shares of the tech-heavy Nasdaq slid lower, Nano-X stock slid right along with it -- unable to fight the tide. But today, as pricing on the Nasdaq stabilized, investors might have taken a second look at a positive analyst note that Nano-X received on Monday.

TheFly.com reported that investment bank Ladenburg Thalmann initiated coverage of Nano-X with a buy rating and a $52 price target, nearly $20 above where the stock is trading today. Ladenburg noted that Nano-X uses X-ray technology that was originally designed by a much larger company, Sony, but that took eight years to fully mature and commercialize.

Now, says TheFly, with Food and Drug Administration approval for Nano-X machines in hand, Ladenburg believes the company is in position to significantly reduce production costs, such that it will be able to "expand accessibility for both providers and patients within the traditional X-ray market." And later in the year, Nano-X could win approval for another of its products as well.

Now what

We still have to see how well these approvals will translate into actual sales and profits for Nano-X, which currently has no revenue. Until we get a better idea of how well sales pan out initially and grow over time, it's really tough to say whether Ladenburg's prediction of a 58% gain in stock price is wildly, irrationally exuberant or overly conservative.