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

Myomo (NYSEAMERICAN:MYO) had its target price hoisted by Ascendiant Capital Markets from $8.50 to $9.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Ascendiant Capital Markets’ price target would indicate a potential upside of 83.67% from the stock’s current price.

Other research analysts also recently issued reports about the company. HC Wainwright boosted their price target on Myomo from $6.50 to $7.50 and gave the company a “buy” rating in a report on Monday, August 12th. Craig Hallum began coverage on Myomo in a research report on Wednesday, July 31st. They set a “buy” rating and a $7.00 target price on the stock.

Myomo Price Performance

Shares of MYO opened at $4.90 on Tuesday. Myomo has a 1-year low of $1.85 and a 1-year high of $5.64. The company has a market cap of $148.23 million, a PE ratio of -21.30 and a beta of 1.56.

Myomo (NYSEAMERICAN:MYO) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Myomo had a negative net margin of 33.22% and a negative return on equity of 85.07%. The business had revenue of $9.21 million during the quarter, compared to analysts’ expectations of $7.95 million. As a group, sell-side analysts expect that Myomo will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myomo

A number of hedge funds have recently made changes to their positions in MYO. Herr Investment Group LLC lifted its position in Myomo by 72.9% during the 2nd quarter. Herr Investment Group LLC now owns 2,846,071 shares of the company’s stock worth $9,136,000 after acquiring an additional 1,200,244 shares in the last quarter. Rosalind Advisors Inc. increased its stake in shares of Myomo by 13.4% in the third quarter. Rosalind Advisors Inc. now owns 3,021,391 shares of the company’s stock worth $12,116,000 after buying an additional 356,392 shares during the last quarter. Essex Investment Management Co. LLC increased its stake in Myomo by 40.2% during the third quarter. Essex Investment Management Co. LLC now owns 899,135 shares of the company’s stock valued at $3,606,000 after purchasing an additional 257,749 shares during the last quarter. Bailard Inc. bought a new stake in Myomo during the second quarter valued at $109,000. Finally, Accel Wealth Management increased its stake in Myomo by 6.0% during the second quarter. Accel Wealth Management now owns 43,882 shares of the company’s stock valued at $141,000 after purchasing an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 44.99% of the company’s stock.

About Myomo

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.