Insider Buying: Myomo (NYSEAMERICAN:MYO) Director Purchases 40,002 Shares of Stock

Myomo, Inc. (NYSEAMERICAN:MYO) Director Thomas Kirk bought 40,002 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $1.27 per share, for a total transaction of $50,802.54. Following the completion of the transaction, the director directly owned 693,865 shares in the company, valued at approximately $881,208.55. This represents a 6.12% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Myomo Price Performance

Shares of NYSEAMERICAN MYO traded up $0.03 during mid-day trading on Tuesday, hitting $1.31. 902,827 shares of the company’s stock traded hands, compared to its average volume of 492,767. The company’s 50-day moving average is $0.87 and its two-hundred day moving average is $0.87. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.73 and a quick ratio of 2.36. The company has a market capitalization of $50.62 million, a P/E ratio of -3.64 and a beta of 1.47. Myomo, Inc. has a 1 year low of $0.61 and a 1 year high of $2.99.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Ascendiant Capital Markets upped their target price on shares of Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a research report on Monday. Craig Hallum restated a “buy” rating on shares of Myomo in a research report on Tuesday, March 10th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $7.67.

Hedge Funds Weigh In On Myomo

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in Myomo by 93.6% during the 3rd quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock valued at $27,000 after purchasing an additional 14,705 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Myomo by 103.1% during the 4th quarter. Wells Fargo & Company MN now owns 38,707 shares of the company’s stock valued at $35,000 after purchasing an additional 19,646 shares during the last quarter. Invesco Ltd. bought a new position in Myomo during the 2nd quarter valued at about $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Myomo during the 2nd quarter valued at about $38,000. Finally, Jane Street Group LLC bought a new position in Myomo during the 4th quarter valued at about $64,000. 44.99% of the stock is currently owned by institutional investors.

About Myomo

Myomo, Inc (NYSE American: MYO) is a medical robotics company specializing in developing and commercializing powered orthotic devices designed to restore mobility and function for individuals with upper-limb weakness. The company’s flagship product, the MyoPro®, is an FDA-cleared, wearable robotic orthosis that leverages proprietary sensors and actuators to detect and amplify users’ own muscle signals, enabling patients with conditions such as stroke, spinal cord injury, muscular dystrophy and other neuromuscular disorders to perform daily activities with greater independence.

Myomo markets the MyoPro through a network of licensed orthotic and prosthetic professionals, clinics and hospitals across North America.