Zacks Investment Research Downgrades Microbot Medical (NASDAQ:MBOT) to Sell

Microbot Medical (NASDAQ:MBOT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Microbot Medical Inc. is engaged in the research, design, development and commercialization of micro-robotics assisted medical technologies. Its product candidate includes the Self Cleaning Shunt for the treatment of hydrocephalus and Normal Pressure Hydrocephalus and TipCAT, a self-propelling, semi-disposable endoscope which is being developed initially for use in colonoscopy procedures. Microbot Medical Inc., formerly known as Stemcells, Inc., is headquartered in Hingham, MA. “

Microbot Medical stock traded up $0.09 during midday trading on Thursday, reaching $7.67. The company’s stock had a trading volume of 99,360 shares, compared to its average volume of 135,152. Microbot Medical has a 52 week low of $6.03 and a 52 week high of $12.20. The firm’s 50-day moving average is $7.47.

Microbot Medical (NASDAQ:MBOT) last released its quarterly earnings results on Tuesday, March 30th. The biotechnology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.03). Research analysts forecast that Microbot Medical will post -1.34 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in MBOT. BlackRock Inc. lifted its stake in shares of Microbot Medical by 0.8% in the fourth quarter. BlackRock Inc. now owns 191,801 shares of the biotechnology company’s stock worth $1,322,000 after acquiring an additional 1,583 shares during the period. Investment Management Associates Inc. ADV acquired a new position in shares of Microbot Medical in the first quarter worth approximately $85,000. Millennium Management LLC acquired a new position in shares of Microbot Medical in the first quarter worth approximately $96,000. Renaissance Technologies LLC acquired a new position in shares of Microbot Medical in the fourth quarter worth approximately $112,000. Finally, Citadel Advisors LLC acquired a new position in shares of Microbot Medical in the first quarter worth approximately $140,000. Institutional investors own 9.79% of the company’s stock.

About Microbot Medical

Microbot Medical Inc, a pre-clinical medical device company, researches, designs, and develops micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The company, through its ViRob, TipCAT, and Liberty micro-robotic technologies, developing Self Cleaning Shunt for the treatment of hydrocephalus and normal pressure hydrocephalus; a disposable self-propelled locomotive device to treat capabilities within tubular lumens, such as the blood vessels, respiratory, and the urinary and GI tracts; a combination of a guidewire and microcatheter technologies that are used for endoluminal surgery; and maneuver guidewire, microcatheters, and over-the-wire devices within the body's vasculature.

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