Titan Medical Inc. (NASDAQ:TMDI) Sees Significant Growth in Short Interest

Titan Medical Inc. (NASDAQ:TMDI – Get Rating) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 507,300 shares, a growth of 35.6% from the March 15th total of 374,200 shares. Based on an average daily volume of 264,100 shares, the days-to-cover ratio is currently 1.9 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Masters Capital Management LLC raised its position in Titan Medical by 50.0% in the 3rd quarter. Masters Capital Management LLC now owns 1,500,000 shares of the company’s stock valued at $2,280,000 after buying an additional 500,000 shares during the last quarter. Strong Tower Advisory Services purchased a new stake in Titan Medical in the 3rd quarter valued at $25,000. Morgan Stanley raised its position in Titan Medical by 79.4% in the 2nd quarter. Morgan Stanley now owns 222,207 shares of the company’s stock valued at $380,000 after buying an additional 98,374 shares during the last quarter. Millennium Management LLC bought a new position in Titan Medical in the 2nd quarter valued at $222,000. Finally, Renaissance Technologies LLC raised its stake in shares of Titan Medical by 211.0% during the 4th quarter. Renaissance Technologies LLC now owns 266,831 shares of the company’s stock worth $167,000 after purchasing an additional 181,046 shares during the period. 4.38% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on TMDI. Oppenheimer lowered Titan Medical from an “outperform” rating to a “market perform” rating in a research report on Friday, March 25th. Zacks Investment Research lowered Titan Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, January 18th.

NASDAQ TMDI opened at $0.48 on Monday. The firm has a market capitalization of $53.41 million, a P/E ratio of -3.00 and a beta of 2.88. The business has a fifty day simple moving average of $0.56 and a 200 day simple moving average of $0.82. Titan Medical has a 12 month low of $0.47 and a 12 month high of $2.15.

About Titan Medical (Get Rating)

Titan Medical Inc, a medical technology company, focuses on the development and commercialization of robotic assisted surgical technologies for application in minimally invasive surgery. It is developing the Enos system, a robotic single access surgical system that includes a surgeon-controlled patient cart comprising a 3D high-definition vision system and multi-articulating instruments for performing surgical 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 surgical procedures.

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