Ascendiant Capital Markets Raises Myomo (NYSEAMERICAN:MYO) Price Target to $8.50

Myomo (NYSEAMERICAN:MYO) had its price objective hoisted by analysts at Ascendiant Capital Markets from $8.25 to $8.50 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price suggests a potential upside of 129.11% from the company’s current price.

A number of other analysts have also weighed in on MYO. HC Wainwright upped their target price on shares of Myomo from $6.50 to $7.50 and gave the stock a “buy” rating in a research note on Monday, August 12th. Craig Hallum initiated coverage on shares of Myomo in a research note on Wednesday, July 31st. They set a “buy” rating and a $7.00 target price on the stock. Finally, Lake Street Capital increased their price target on shares of Myomo from $7.00 to $7.50 and gave the company a “buy” rating in a research note on Tuesday, July 9th.

Myomo Stock Performance

Shares of NYSEAMERICAN:MYO opened at $3.71 on Monday. The stock has a market cap of $106.92 million, a price-to-earnings ratio of -13.74 and a beta of 1.56. Myomo has a 1 year low of $0.50 and a 1 year high of $5.64.

Myomo (NYSEAMERICAN:MYO) last released its earnings results on Tuesday, August 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Myomo had a negative net margin of 47.77% and a negative return on equity of 94.02%. The firm had revenue of $7.52 million for the quarter, compared to analyst estimates of $7.30 million. Analysts anticipate that Myomo will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, Director Thomas F. Kirk purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $3.50 per share, with a total value of $175,000.00. Following the completion of the acquisition, the director now directly owns 236,499 shares in the company, valued at $827,746.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 4.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MYO. Herr Investment Group LLC increased 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 purchasing an additional 1,200,244 shares in the last quarter. Rosalind Advisors Inc. increased its position in Myomo by 27.5% during the 1st quarter. Rosalind Advisors Inc. now owns 2,447,740 shares of the company’s stock worth $8,004,000 after purchasing an additional 527,830 shares in the last quarter. Essex Investment Management Co. LLC lifted its stake in shares of Myomo by 537.9% in the 1st quarter. Essex Investment Management Co. LLC now owns 602,744 shares of the company’s stock valued at $1,971,000 after purchasing an additional 508,249 shares in the last quarter. AIGH Capital Management LLC lifted its stake in shares of Myomo by 21.9% in the 4th quarter. AIGH Capital Management LLC now owns 2,668,290 shares of the company’s stock valued at $13,368,000 after purchasing an additional 479,407 shares in the last quarter. Finally, Accel Wealth Management acquired a new position in shares of Myomo in the 1st quarter valued at about $135,000. Hedge funds and other institutional investors own 44.99% of the company’s stock.

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.