Myomo (NYSEAMERICAN:MYO) Stock Price Up 1.9% – Here’s Why

Myomo, Inc. (NYSEAMERICAN:MYO)’s share price rose 1.9% during trading on Tuesday . The company traded as high as $0.95 and last traded at $0.94. Approximately 912,159 shares traded hands during trading, an increase of 80% from the average daily volume of 506,782 shares. The stock had previously closed at $0.9228.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets reduced their target price on Myomo from $10.50 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.67.

Myomo Price Performance

The business’s 50 day moving average is $0.95 and its 200-day moving average is $1.12. The firm has a market capitalization of $36.13 million, a P/E ratio of -3.24 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.49 and a debt-to-equity ratio of 0.17.

Myomo (NYSEAMERICAN:MYO) last released its earnings results on Monday, November 10th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $10.09 million during the quarter, compared to analysts’ expectations of $9.44 million. Myomo had a negative return on equity of 61.14% and a negative net margin of 28.86%. As a group, sell-side analysts predict that Myomo, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Myomo

Several large investors have recently bought and sold shares of the business. Rosalind Advisors Inc. grew its position in Myomo by 5.4% in the third quarter. Rosalind Advisors Inc. now owns 3,790,788 shares of the company’s stock valued at $3,381,000 after acquiring an additional 195,000 shares during the last quarter. AIGH Capital Management LLC boosted its stake in shares of Myomo by 22.3% in the 2nd quarter. AIGH Capital Management LLC now owns 3,555,742 shares of the company’s stock valued at $7,680,000 after purchasing an additional 649,053 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Myomo by 160.8% during the 2nd quarter. Geode Capital Management LLC now owns 669,281 shares of the company’s stock valued at $1,446,000 after purchasing an additional 412,631 shares during the last quarter. Stonepine Capital Management LLC increased its position in Myomo by 65.3% during the 2nd quarter. Stonepine Capital Management LLC now owns 457,419 shares of the company’s stock worth $988,000 after purchasing an additional 180,712 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Myomo by 26.0% in the 2nd quarter. Marshall Wace LLP now owns 304,400 shares of the company’s stock valued at $658,000 after purchasing an additional 62,743 shares during the last quarter. 44.99% of the stock is owned by institutional investors and hedge funds.

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.