Titan Medical (NASDAQ:TMDI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Titan Medical (NASDAQ:TMDI) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Titan Medical Inc. is focused on the design and development of a robotic surgical system for application in minimally invasive surgery. The Company’s SPORT Surgical System includes a surgeon-controlled robotic platform which incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation which provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and viewing the inside of a patient’s body in 3D during MIS procedures. Titan Medical Inc. is based in ON, Canada. “

Other equities analysts have also issued reports about the stock. Northland Securities reiterated a buy rating on shares of Titan Medical in a research note on Thursday, July 18th. ValuEngine upgraded shares of Titan Medical from a hold rating to a buy rating in a research note on Thursday, August 1st. Finally, Piper Jaffray Companies started coverage on shares of Titan Medical in a research note on Wednesday, May 22nd. They issued an overweight rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Titan Medical presently has a consensus rating of Buy and a consensus target price of $5.56.

TMDI stock opened at $2.22 on Tuesday. The company’s 50 day moving average price is $2.23 and its 200 day moving average price is $2.75. Titan Medical has a fifty-two week low of $1.05 and a fifty-two week high of $4.65. The firm has a market capitalization of $52.45 million, a price-to-earnings ratio of -1.63 and a beta of 5.15.

Titan Medical (NASDAQ:TMDI) last released its earnings results on Wednesday, July 31st. The company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $0.89. As a group, sell-side analysts forecast that Titan Medical will post -2.32 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Titan Medical stock. Valeo Financial Advisors LLC raised its stake in Titan Medical Inc. (NASDAQ:TMDI) by 4,411.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,117 shares of the company’s stock after purchasing an additional 44,117 shares during the period. Valeo Financial Advisors LLC owned 0.21% of Titan Medical worth $106,000 as of its most recent SEC filing. 13.28% of the stock is currently owned by hedge funds and other institutional investors.

About Titan Medical

Titan Medical Inc, a research and development stage company, focuses on the design, development, and commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery (MIS). The company is developing the SPORT Surgical System, a single-port robotic surgical system that comprises a surgeon-controlled patient cart, which includes a 3D vision system and multi-articulating instruments for performing MIS procedures; and a surgeon workstation that provides the surgeon with ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures.

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