Titan Medical Inc. (NASDAQ:TMDI) shares traded down 15.9% during mid-day trading on Monday . The stock traded as low as $0.55 and last traded at $0.58, 515,300 shares changed hands during trading. An increase of 33% from the average session volume of 388,778 shares. The stock had previously closed at $0.69.

Several analysts have recently issued reports on the company. Zacks Investment Research lowered Titan Medical from a “buy” rating to a “hold” rating in a report on Saturday. ValuEngine raised Titan Medical from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Maxim Group lowered Titan Medical from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Titan Medical in a research note on Monday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Titan Medical presently has a consensus rating of “Buy” and an average price target of $4.38.

The firm has a 50 day moving average of $0.68 and a two-hundred day moving average of $1.88. The firm has a market capitalization of $11.49 million, a price-to-earnings ratio of -0.43 and a beta of 4.61.

A hedge fund recently raised its stake in Titan Medical stock. Morgan Stanley boosted its holdings in Titan Medical Inc. (NASDAQ:TMDI) by 27.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,342 shares of the company’s stock after buying an additional 7,301 shares during the quarter. Morgan Stanley owned approximately 0.16% of Titan Medical worth $81,000 at the end of the most recent reporting period. 8.82% of the stock is owned by institutional investors and hedge funds.

About Titan Medical (NASDAQ:TMDI)

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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