Microbot's stock rockets on heavy volume after collaboration pact with Stryker on robotic procedural kits

MW Microbot's stock rockets on heavy volume after collaboration pact with Stryker on robotic procedural kits

Shares of Microbot Medical Inc. (MBOT) rocketed 67.3% toward a nine-month high on heavy volume in premarket trading Monday, after the pre-clinical medical device company announced an agreement with Stryker Corp. $(SYK)$ to develop the first dedicated robotic procedural kits for use in certain neurovascular procedures. Trading volume ballooned to 9.6 million shares, compared with the full-day average of about 49,000 shares. The stock was the biggest gainer and most actively traded ahead of the open. As part of the agreement, Microbot's Liberty Robotic Systems will integrate with Stryker's neurovascular instruments. "We have already ensured that the LIBERTY Robotic System has a strong and sustainable competitive advantage, and the collaboration with Stryker will allow us to further expand in the neurovascular space," said Microbot Chief Executive Harel Gadot. The stock, which was on track to open at the highest price seen during regular-session hours since March 2021, has dropped 23.5% over the past three months through Thursday while the S&P 500 has gained 6.4%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

December 27, 2021 08:41 ET (13:41 GMT)

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