Myomo (NYSEAMERICAN:MYO) Price Target Raised to $7.50

Myomo (NYSEAMERICAN:MYO) had its target price hoisted by Lake Street Capital from $7.00 to $7.50 in a research note issued to investors on Tuesday, Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

Separately, HC Wainwright reissued a buy rating and issued a $6.50 target price on shares of Myomo in a research report on Thursday, May 9th.

Myomo Stock Down 2.2 %

Shares of NYSEAMERICAN MYO opened at $4.89 on Tuesday. The stock has a market cap of $140.93 million, a PE ratio of -18.11 and a beta of 1.56. Myomo has a 12 month low of $0.50 and a 12 month high of $5.58.

Myomo (NYSEAMERICAN:MYO) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $3.75 million for the quarter. Myomo had a negative return on equity of 94.02% and a negative net margin of 47.77%. On average, research analysts predict that Myomo will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Myomo news, Director Thomas F. Kirk purchased 50,000 shares of Myomo stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $3.50 per share, with a total value of $175,000.00. Following the completion of the transaction, the director now directly owns 236,499 shares in the company, valued at approximately $827,746.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Herr Investment Group LLC boosted its stake in shares of Myomo by 67.9% in the first quarter. Herr Investment Group LLC now owns 1,645,827 shares of the company’s stock valued at $5,382,000 after purchasing an additional 665,330 shares during the period. Rosalind Advisors Inc. grew its stake in shares of Myomo by 27.5% during the first quarter. Rosalind Advisors Inc. now owns 2,447,740 shares of the company’s stock valued at $8,004,000 after acquiring an additional 527,830 shares in the last quarter. Essex Investment Management Co. LLC increased its position in shares of Myomo by 537.9% during the first quarter. Essex Investment Management Co. LLC now owns 602,744 shares of the company’s stock worth $1,971,000 after acquiring an additional 508,249 shares during the last quarter. AIGH Capital Management LLC increased its position in shares of Myomo by 21.9% during the fourth quarter. AIGH Capital Management LLC now owns 2,668,290 shares of the company’s stock worth $13,368,000 after acquiring an additional 479,407 shares during the last quarter. Finally, Accel Wealth Management acquired a new position in shares of Myomo in the first quarter worth about $135,000. 44.99% of the stock is owned by institutional investors and hedge funds.

Myomo Company Profile

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States, China, Germany, and internationally. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis product used for supporting a patient's weak or paralyzed arm to enable and improve functional activities of daily living.