Surgalign Holdings Inc (NASDAQ:SRGA) is currently one of the more recognisable names in the medical technology industry at this point but on Tuesday, its stock did not perform particularly well and went down by as much as 5%. In this sort of a situation, it could be imperative for investors to figure out if the fall in the Surgalign stock could in fact be an opportunity or not.
Trading Data
On Monday, SRGA stock fell 5.18% to close at $0.8022 with more than 37.44 million shares traded, compared to its average volume of 2.12 million shares. The stock has moved within a range of $0.7669 – 1.0800 after opening trading at $1.02.
Receives FDA Clearance for HOLO Portal™ System
Yesterday, the company came into focus in a big way after it announced that its HOLO Portal surgical guidance system had been given the much needed clearance by the United States Food and Drug Administration.
The system in question is meant for acting as a guidance system when it comes to lumber spine procedures. It is a major development for Surgalign especially because of the fact that the system is the first one in the world of its kind which is powered by artificial intelligence and augmented reality.
However, the news did not lead to any particular enthusiasm from investors and the Surgalign stock suffered from a pretty sharp selloff yesterday. It now remains to be seen if the stock can actually make a recovery any time soon.
Key Quote
“Receiving the initial clearance for the HOLO Portal system is a significant milestone and represents a critical step toward building the foundation of the digital surgery of the future. This system is designed to improve patient outcomes by delivering intelligent solutions to our customers, and we believe it is truly revolutionary,” said Terry Rich, Surgalign’s president and chief executive officer.
Technical Data
SRGA stock is trading above the 20-Day and 50-Day Moving averages of $0.80 and $0.80 respectively. However, the stock is trading below the 200-Day moving average of $1.24.
