Craig Hallum Forecasts Strong Price Appreciation for Myomo (NYSEAMERICAN:MYO) Stock

Myomo (NYSEAMERICAN:MYO) had its target price hoisted by stock analysts at Craig Hallum from $7.00 to $9.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s price target would suggest a potential upside of 43.77% from the stock’s current price.

Several other research analysts also recently issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $7.50 price objective on shares of Myomo in a research report on Wednesday, November 13th. Ascendiant Capital Markets lifted their target price on shares of Myomo from $8.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th.

Myomo Stock Performance

NYSEAMERICAN MYO opened at $6.26 on Friday. Myomo has a 52-week low of $2.51 and a 52-week high of $6.74. The stock has a market cap of $189.37 million, a P/E ratio of -27.22 and a beta of 1.71.

Myomo (NYSEAMERICAN:MYO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Myomo had a negative return on equity of 86.30% and a negative net margin of 33.22%. The company had revenue of $9.21 million for the quarter, compared to analyst estimates of $7.95 million. Analysts predict that Myomo will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myomo

A number of large investors have recently modified their holdings of the company. Barclays PLC purchased a new position in shares of Myomo in the 3rd quarter valued at $36,000. Jane Street Group LLC acquired a new position in shares of Myomo during the third quarter worth about $65,000. Vontobel Holding Ltd. purchased a new stake in shares of Myomo in the third quarter worth about $90,000. Bailard Inc. acquired a new stake in shares of Myomo in the second quarter valued at about $109,000. Finally, XTX Topco Ltd acquired a new stake in shares of Myomo in the third quarter valued at about $149,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

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.