Shares of robotic surgery company TransEnterix (NYSEMKT:TRXC) are down 16.6% in intraday trading today, plunging in a pre-market selloff before partially rebounding. Also today, TRXC had its Investor Day presentation, where it announced it would be changing the company name to Asensus Surgical.
TRXC stock will begin trading under the new name and ticker ASXC on March 5, 2021. The company said, “the name change [to Asensus Surgical] reflects the company’s broader vision of shaping the future of surgery by integrating computer vision and machine learning with surgical robotics.”
Today’s renaming comes after the company announced a new training center in the European Union last week. That center would train European medical professionals to use TransEnterix’s Senhance Surgical system, a digital laparoscopy platform.
TRXC stock saw prices dip from $5.41 at the Monday close to $4.64 at the Tuesday open. The stock dropped as low as $3.54 this morning before recovering ahead of the Investor Day presentation to trade in the $4.50 to $4.70 range for the afternoon.
TransEnterix has been the subject of social media chatter in recent weeks, which has generally boosted TRXC stock but left analysts at odds about whether this company is a next-generation stock to buy or an overvalued stock to sell.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.