We made a call to buy Microbot Medical yesterday with the stock already up 100% on positive news. That led to a further 100% gain and our first target being hit a few hours later.
Microbot reported “highly encouraging” study results that showed the potential for its Self-Cleaning Shunt (SCS) product in treating hydrocephalus. There was also news on a European patent.
An important reason for our long position was a high short interest with 25% of the company’s stock currently short. This could stretch the move in the days ahead. Close above the channel line will be watched closely. Current market cap is around $30 million and this will be used for realistic valuation purposes.