Titan Medical Inc (NASDAQ: TMDI) resurgence, after a steep pullback, is gaining momentum as bulls slowly regain control. A bounce off the $2 support level has opened the door for the stock to make a run for this year highs as a bounce-back play.
TMDI Price Analysis
A spike in share price and market activity comes on the confirmation that the company faces significant milestones in 2019. Top on the list includes the completion of pre-clinical and human confirmatory studies for the clearance of the single-port robot surgery system.
The medical device company has also achieved hardware design freeze for its robotic surgery system, marking an essential milestone in the system design process. In March, Titan Medical inked a strategic partnership with Teleflex incorporated as part of an effort of enhancing the development of the single-port robotic surgery system.
With the system ahead of schedule, it does not come as a surprise that price action activity has started picking pace.
Investors are slowly taking note of the company’s long-term prospects in response to the surgical system long-term prospects. A bounce off the $2 support level could as well pave the way for the stock to make a run for this year highs.
Standing in the way of the share price further upside action is the $3 support level. A rally followed by a close above the resistance level should pave the way for the stock to make a run for the $4.50 resistance level.
Titan Media needs to rally and find support above the $4.50 mark, to turn bullish in the short term as a bounce-back play. Conversely, below the $4.50 resistance level, the stock remains susceptible to further drops in continuation of the bear trend that began last year.
What Does Titan Medical Do?
Titan Media is a development stage company focused on the design development and commercialization of computer-assisted robot and surgical technologies. The company is currently working on the SPORT Surgical System, which is a single-port robotic surgical system operating as surgeon-controlled patient care with a 3D vision system.
SPORT SURGICAL Development Milestones
Shares of Titan Medical have started bottoming out after major correction from this year highs, attributed to investors taking profits. The trigger behind renewed investor interest in the stock are the milestones achieved on the development of the company’s robotic and surgical technology.
Upon gathering product feedback from extensive preclinical feasibility studies at three Centers of excellence, Titan media has completed hardware design freeze for its single port robotic system. Design freeze is an essential milestone as it paves the way for Titan to complete various design verification and validation activities such as preclinical studies conducted under Good Laboratory Practices and Summative Human Factors studies,
“Thanks to the tremendous effort by our development team including our product development partners and valuable feedback by our surgeon KOLs, we now have what we consider to be a world-class, differentiated surgical robot. We look forward to conducting GLP and IDE studies this year,” said David McNally, Chief Executive Officer of Titan Medical.
In March, the medical device company inked a deal with Teleflex Incorporated pursuant of which a leading polymer litigation technology is to be integrated into Titan’s development stage single-port robotic surgery system.
A collaboration with Teleflex permits the expansion of the robot instrument portfolio in the race to offer market-leading proven technology in a variety of surgical disciplines.
In addition to the SPORT, Surgical device development Titan medical has also continued to strengthen its global intellectual property portfolio. The IP portfolio now comprises of 30 patents issued and 75 pending
“The continued expansion of our intellectual property portfolio further strengthens Titan’s position as an innovative leader in single-port robotic surgery technology. While our initial focus for commercialization in the U.S. We remain committed to protecting our intellectual property in major markets to secure the long-term potential of the global surgical robotics opportunity for Titan,” commented David McNally, President, and CEO of Titan Medical.
Titan Medical has inched closer to bringing to fruition its much-awaited single port robotic surgery system to market. Strengthening intellectual property portfolio is another development that continues to strengthen investor confidence in the stock. A steep correction might as well have presented an opportunity to invest in a stock with tremendous potential.
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Disclosure: We have no position in TMDI and have not been compensated for this article.