This article was originally published on TipRanks.com
Microbot Medical, Inc. (NASDAQ: MBOT), a pre-clinical medical device company, has inked a strategic collaboration deal with Stryker Corporation (NYSE: SYK), a global medical technology company. Following the news, shares of Microbot skyrocketed 65.1% on Monday to close at $8.95, then declined more than 9% in the extended trading session.
Through this collaboration, Microbot’s LIBERTY Robotic Systems will be integrated with Stryker’s neurovascular instruments. This will lead to the development of the first-of-its-kind robotic procedural kits for use in certain neurovascular procedures.
Notably, Microbot will continue the development of the LIBERTY Robotic System independently for use in peripheral and coronary procedures. Based on animal feasibility studies thus far, the company expects physicians to be able to perform remote catheter-based vascular procedures safely and efficiently. Additionally, the procedures are likely to reduce the risk for radiation exposure, physical strain on the user, and Hospital Acquired Infections (HAIs), without the need for expensive capital equipment.
Microbot CEO Harel Gadot commented, “We have already ensured that the LIBERTY Robotic System has a strong and sustainable competitive advantage, and the collaboration with Stryker will allow us to further expand in the neurovascular space. I believe the similarities in our innovation culture, as well as our complementary core capabilities, will allow us to establish a truly differentiated solution that will benefit all stakeholders and accelerate our goal of changing the way robotic surgery is viewed and adopted.”
Wall Street’s Take
The stock has picked up a rating from one analyst in the past three months. H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating and a price target of $20 (123.46% upside potential) on Microbot.
According to the new TipRanks Risk Factors tool, Microbot stock is at risk mainly from three factors: Finance and Corporate, Tech and Innovation, and Production, which contribute 28%, 21%, and 17%, respectively, to the total 47 risks identified for the stock.
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