Piper Jaffray Companies Reiterates Buy Rating for Titan Medical (NASDAQ:TMDI)

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Titan Medical (NASDAQ:TMDI)‘s stock had its “buy” rating reissued by equities researchers at Piper Jaffray Companies in a note issued to investors on Monday, Stock Target Advisor reports. They presently have a $2.50 price target on the stock. Piper Jaffray Companies’ target price indicates a potential upside of 309.84% from the company’s previous close.

Several other research analysts have also recently weighed in on TMDI. Maxim Group cut Titan Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. ValuEngine raised Titan Medical from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research cut Titan Medical from a “buy” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $4.38.

Shares of TMDI stock opened at $0.61 on Monday. The stock has a 50-day simple moving average of $0.68 and a 200 day simple moving average of $1.87. Titan Medical has a fifty-two week low of $0.38 and a fifty-two week high of $4.65. The stock has a market capitalization of $14.96 million, a P/E ratio of -0.45 and a beta of 4.61.

A hedge fund recently raised its stake in Titan Medical stock. Valeo Financial Advisors LLC lifted its stake in Titan Medical Inc. (NASDAQ:TMDI) by 4,411.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,117 shares of the company’s stock after purchasing an additional 44,117 shares during the quarter. Valeo Financial Advisors LLC owned 0.21% of Titan Medical worth $106,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 8.82% of the company’s stock.

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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