Stereotaxis Rallies After Announcing 1-for-10 Reverse Stock Split (STXS)

Stereotaxis (OTC: STXS) rallied a respectable 16.4% today, closing at a share price of $1.99, in response to the company’s announcement that the stockholders of Stereotaxis had approved a 1-for-10 reverse stock split. Volume of Stereotaxis spiked along to a total of 396,533 shares, bypassing its average of 64,824 shares.

Yesterday, July 10, 2012, Stereotaxis’ stockholders approved an amendment to the company’s Certificate of Incorporation to activate a reverse split of the company’s common stock, and authorized the Board of Directors to determine the reverse split ratio within a range of 1-for-4 to 1-for-10, and the effective date of the reverse stock split.

Several newsletters have promoted Stereotaxis. There are eight results found on regarding the promotion of Stereotaxis, while only Knobias was listed as being compensated at $1800 back in 2006. According to @pennystock24 on Twitter, Penny Trader COM promoted Stereotaxis today.

Stereotaxis’ reverse stock split has to be linked to the stock’s disheartening performance in the past 52 weeks. For 2012 alone, despite today’s rally, Stereotaxis stock had been steadily declining, with a loss totaling 75.8%.

Here are some other recent headlines found involving Stereotaxis that may further explain the stock’s performance and reverse split:

  • July 3, 2012: Fox Business featured Stereotaxis as one of the stocks hitting 52-week lows in the news article “ProShares Trust Ultra VIX Short Term Futures ETF, CTC Media Among Stocks hitting 52-Week Lows Tuesday”.
  • June 25, 2012: The Nasdaq Stock Market notified Stereotaxis that it was in danger of being delisted because it did not maintain a market value of publicly held shares of $15 million for the 30 previous business days, according to a regulatory document filed Friday with the U.S. Securities and Exchange Commission.
  • May 30, 2012: Stereotaxis announced that William C. Mills III had been appointed as Chairman of its Board of Directors, effective immediately.

Stereotaxis is a company that designs, manufactures and markets an advanced cardiology instrument control system for the interventional treatment of arrhythmias and coronary artery disease. The company also markets and sells various disposable interventional devices, including catheters, guidewires and other delivery devices, for use in conjunction with its system.

Its Niobe system allows physicians to navigate catheters, guidewires and other delivery devices through the blood vessels and chambers of the heart to treatment sites. It has also developed the Odyssey Enterprise Solution, which consolidates all lab information from multiple sources enabling doctors to focus on the patient for optimal procedure efficiency.

Stereotaxis has alliances with Siemens AG Medical Solutions, Philips Medical Systems and Biosense Webster, a subsidiary of Johnson & Johnson.

Stereotaxis has regulatory clearance to market its Niobe Magnetic Navigation System, Navigant advanced user interface, Cardiodrive automated catheter advancement system, Odyssey Enterprise Solution and various disposable interventional devices in the United States, Canada, Europe, China and various other countries.

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Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.