In a report released yesterday, Anthony Vendetti from Maxim Group maintained a Buy rating on Titan Medical Inc (TMDI), with a price target of $4. The company’s shares opened today at $1.97.
Vendetti said:
“Market close, TMDI reported a narrower-than- expected net loss per share for 2Q19 of ($0.46). However, excluding the loss from the change in fair value warrants, the company reported a loss per share of ($0.90), wider than our estimate of ($0.84) and consensus of ($0.71). the company filed form F-3, allowing for a secondary offering of common stock, warrants, and units combining both securities. This mixed shelf filing allows for $125M in aggregate offerings over the next 36 months. See Figure 1: TMDI Development Plan (on a timeline of the SPORT Surgical System.”
According to TipRanks.com, Vendetti is a 5-star analyst with an average return of 9.5% and a 48.3% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Xtant Medical Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Titan Medical Inc with a $5.33 average price target, which is a 170.6% upside from current levels. In a report issued on July 18, Northland Securities also assigned a Buy rating to the stock with a $6 price target.
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The company has a one-year high of $4.65 and a one-year low of $1.05. Currently, Titan Medical Inc has an average volume of 130.4K.
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Titan Medical, Inc. engages in the designing, development, and commercialization of new robotic surgical technologies. It focuses on developing Sport Surgical System, which is a single incision robotic surgical system that features multi-articulated instruments with single-use replaceable tips, and 3D display.
