Titan Medical ($TMDI) to $5.50 Any Day Now?Ever since Mid-October of 2019, $TMDI has had a history of consolidating at a price threshold for a few months, spiking, then returning to a price around half of the relative peak. This first consolidation lasted 8 1/2 months where it sat around a price of $0.36 then spiked to a price of $1.73 and returned to ~$0.83. After consolidating at this new resistance point for 6 1/2 months, it spiked to a price of $3.47, and has been sitting around $1.70 for about 6 months now. Based on how long it took to get to the first spike, then the first spike to the second spike, it appears we are already overdue for a price spike, but it could happen any day now. Looking at the trend of the last two jumps, it appears we will hit a price around $5.40 - $5.50 then return to a price around $3.60 for a few months unless a large catalyst perpetuates the growth past the resistance.
TMDI
Titan Medical Inc - TMDI - Buy for the price of 4 usdThe company is working in the robotics field. In its product pipeline are several unique and advantageous breakthroughs. This includes the Enos System, which offers 2D/3D vision systems and multi-articulating surgical instruments in one ergonomically designed work station. Titan is also working on licensing its products to outside companies wishing to utilize its systems.
On Wednesday, February 3rd, the company announced an upsizing to a previous bought deal offering. This is quite common as financial, and capital needs can change rapidly. Titan said that it is increasing the offering to around $20 million in gross proceeds. This consists of selling 8.335 million units at $2.40 per unit. As we’ve seen many times, the practice of capital raising in the biotech industry is quite popular. While Titan Medical does have commercialized products, this capital could help advance its R&D opportunities. Obviously, dilution is always on the table; however, the current trend is hard to ignore.
Buy for the price of 4 usd
