PAVmed (NASDAQ: PAVM) stock has gone from penny stock levels to trading well above $5 a share. This medical technology company's stock has already reached a 203% rise so far this year. So, is it time to buy this stock now?

In July, PAVmed announced that its major subsidiary Lucid launched a strategic partnership with UpScriptHealth. UpScriptHealth will support Lucid’s upcoming EsoGuard Telemedicine Program by providing a Lucid-branded web-based telemedicine platform for patients with chronic heartburn symptoms. Patients with chronic heartburn can request a video evaluation by a doctor and have an opportunity for a referral to Lucid’s EsoGuard Esophageal DNA Test. The company said that such a telemedicine program with direct-to-consumer engagement can accelerate commercialization and become a key driver of long-term growth.

In June, the company threw a bigger catalyst that announced that its major subsidiary, Lucid, has completed European IVDD CE Mark certification of its EsoGuard Esophageal DNA Test, and proceeding with a commercial launch in select European countries in the near future. According to the company, EsoGuard is the first and only commercially available diagnostic test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through early detection of esophageal precancer and cancer in at-risk chronic heartburn patients.

With all of this in mind, PAVM stock still has a lot of space for growth in the future. Those investors who are seeking investment opportunities in the medical field should watch the stock closely.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.