Catheter Precision Stock (VTAK) Rockets 170% on a Delayed Investor Reaction
Catheter Precision (VTAK) stock surged on Wednesday after the medical device company announced the first purchase order for its VIVO product. This is a non-invasive 3D imaging system to identify the origin of ventricular arrhythmias pre-procedure.
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Catheter Precision reached an agreement with Sahlgrenska University Hospital for its VIVO devices. That's a major win for the company as this is Sweden's largest hospital with over 350,000 patients per year. It also has the largest ventricular ablation program in the region.
David Jenkins, CEO of Catheter Precision, said, 'Creating strong partnerships with teaching hospitals enables new physicians to be trained with our products and creating a new opportunity for future sales when that physician leaves the teaching institution.'
VTAK Stock Movement Today
While the VIVO sales agreement was announced on Monday, investors only recently took notice of it. This delayed reaction resulted in a 170.1% rally in pre-market trading on Wednesday. This easily erases the stock's 49.69% drop year-to-date, but still leaves it well below its 52-week high of $6.40.
Is Catheter Precision Stock a Buy, Sell, or Hold?
Wall Street's coverage of Catheter Precision is lacking, but TipRanks' AI analyst, Spark, fills in that gap. Spark rates VTAK stock a Neutral (41) with no price target, citing 'significant financial challenges with persistent losses and negative cash flows' as reasons for this stance.
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