Why TransEnterix Stock Tanked Today
Shares of TransEnterix (NYSEMKT: TRXC), an early commercial-stage robotic surgery company, ended today's trading session down another 16.4%. The company's shares have now given back a healthy 22.3% of their enormous gains following the Food and Drug Administration's (FDA) approval of its Senhance Surgical Robotic System on October 13.
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This extreme volatility appears to stem from two core issues. First off, TransEnterix needs to raise capital in a big way. Turning to the specifics, the company stated during its second-quarter earnings report that it didn't have sufficient financial resources for the next 12 months -- and that bleak estimate didn't account for the enormous cost of launching the Senhance system in the United States.
Source: Fool.com
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