Myomo (NYSEAMERICAN:MYO) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says

Myomo (NYSEAMERICAN:MYO) had its price objective upped by equities research analysts at Ascendiant Capital Markets from $9.50 to $10.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, Craig Hallum reiterated 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, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $7.67.

Myomo Price Performance

MYO stock opened at $1.28 on Monday. Myomo has a 52 week low of $0.61 and a 52 week high of $3.08. The company has a quick ratio of 2.36, a current ratio of 2.73 and a debt-to-equity ratio of 1.21. The company has a fifty day simple moving average of $0.86 and a two-hundred day simple moving average of $0.87. The firm has a market capitalization of $49.46 million, a P/E ratio of -3.56 and a beta of 1.47.

Insider Activity

In other news, Director Joseph M. Jr. Manko bought 30,367 shares of Myomo stock in a transaction dated Friday, May 15th. The shares were acquired at an average price of $0.89 per share, with a total value of $27,026.63. Following the completion of the purchase, the director owned 2,309,775 shares in the company, valued at $2,055,699.75. The trade was a 1.33% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas F. Kirk bought 43,401 shares of Myomo stock in a transaction dated Monday, May 18th. The stock was purchased at an average cost of $0.91 per share, for a total transaction of $39,494.91. Following the purchase, the director owned 628,863 shares of the company’s stock, valued at approximately $572,265.33. This trade represents a 7.41% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 463,203 shares of company stock valued at $383,166. 12.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Myomo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jefferies Financial Group Inc. purchased a new stake in shares of Myomo in the fourth quarter valued at $641,000. Bank of America Corp DE increased its stake in Myomo by 93.6% in the 3rd quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock worth $27,000 after buying an additional 14,705 shares during the period. Invesco Ltd. purchased a new position in Myomo in the 2nd quarter worth about $37,000. Prescott Group Capital Management L.L.C. purchased a new position in Myomo in the 4th quarter worth about $169,000. Finally, Rosalind Advisors Inc. increased its stake in Myomo by 5.4% in the 3rd quarter. Rosalind Advisors Inc. now owns 3,790,788 shares of the company’s stock worth $3,381,000 after buying an additional 195,000 shares during the period. Hedge funds and other institutional investors own 44.99% of the company’s stock.

Myomo Company Profile

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.