Mountain View, Calif.-based Hansen, which makes the Magellan and Sensei surgical robots, said it formed a special committee of its independent board members to evaluate potential moves, including a sale of the company and tapped Perella Weinberg Partners as a financial advisor.
“We continue to see long-term opportunities for our robotic platform, especially in light of the positive responses from physicians and patients who are gaining experience with the Magellan system,” president & CEO Cary Vance said in prepared remarks. “Our board is focused on evaluating additional options that may enhance or accelerate the value that we believe is inherent in an approved technology-platform product, which has experienced growing utilization and an expanding breadth of clinical utility. Given our position as a leader in robotics technology, we believe now is the appropriate time to explore strategic alternatives.”
The company’s share price took a hit last week after Morgan Stanley analyst David Lewis stopped covering the stock, closing down -1.4% Dec. 8, at $2.07 apiece, off -83.2% from a 52-week high of $12.30 per share.
But HNSN shares rose 18.9% to $2.30 per share in pre-market trading today before opening at $2.10 each, up 8.2%. But by mid-morning the stock had plunged some-28.6% to $1.38 per share – a new 52-week low.