Ladenburg Thalmann Financial Services (AMEX: LTS) (in which Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) chairman Dr. Philip Frost is an investor) has initiated coverage of Mazor Robotics Ltd. (TASE:MZOR) with a target price of NIS 10.50, almost triple today's opening price of NIS 3.70.
It is very unusual for a major US investment house to cover a small-cap Israeli company that is traded only on the Tel Aviv Stock Exchange (TASE), and not on Wall Street. The coverage reflects Mazor's increasingly close connections with the US capital market, and with the US market in general, after CEO Ori Hadomi moved there.
Mazor develops and markets robotic surgical navigation systems for procedures on the spine. Today, it announced the sale of its Renaissance system to the Tri-City Medical Center in San Diego, which has a spinal surgery unit. Each system cost around $500,000. The company said that when the system is installed, it will have ten of its robotic system operating in the US.
Mazor's share price rose 13.7% today to NIS 4.26, giving a market cap of NIS 95 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2012
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