Myomo (NYSEAMERICAN:MYO) Given New $10.50 Price Target at Ascendiant Capital Markets

Myomo (NYSEAMERICAN:MYO) had its price target reduced by Ascendiant Capital Markets from $11.50 to $10.50 in a research note published on Monday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the stock.

MYO has been the topic of several other reports. Alliance Global Partners reissued a “buy” rating on shares of Myomo in a report on Thursday, June 26th. HC Wainwright cut their price objective on shares of Myomo from $9.50 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, August 12th. Finally, Craig Hallum set a $8.00 price target on shares of Myomo and gave the stock a “buy” rating in a report on Monday, June 23rd. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, Myomo currently has a consensus rating of “Buy” and a consensus target price of $7.83.

Myomo Stock Performance

Shares of MYO stock opened at $0.85 on Monday. The firm has a market cap of $32.13 million, a price-to-earnings ratio of -3.70 and a beta of 1.43. The company’s 50 day moving average is $1.39 and its 200 day moving average is $2.95. The company has a quick ratio of 2.03, a current ratio of 2.39 and a debt-to-equity ratio of 0.08. Myomo has a 52-week low of $0.80 and a 52-week high of $7.17.

Insider Activity

In other news, CEO Paul R. Gudonis purchased 50,000 shares of the company’s stock in a transaction dated Friday, August 15th. The stock was acquired at an average price of $0.95 per share, with a total value of $47,500.00. Following the purchase, the chief executive officer directly owned 1,259,013 shares in the company, valued at approximately $1,196,062.35. This represents a 4.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas F. Kirk purchased 50,000 shares of the company’s stock in a transaction dated Monday, August 25th. The stock was purchased at an average cost of $1.15 per share, with a total value of $57,500.00. Following the purchase, the director owned 474,420 shares in the company, valued at approximately $545,583. This trade represents a 11.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 150,000 shares of company stock valued at $160,000. 4.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Myomo

A number of hedge funds have recently made changes to their positions in the stock. Rosalind Advisors Inc. boosted its position in shares of Myomo by 33.0% during the 2nd quarter. Rosalind Advisors Inc. now owns 3,595,788 shares of the company’s stock worth $7,767,000 after purchasing an additional 892,127 shares during the period. AIGH Capital Management LLC boosted its position in shares of Myomo by 22.3% during the 2nd quarter. AIGH Capital Management LLC now owns 3,555,742 shares of the company’s stock worth $7,680,000 after purchasing an additional 649,053 shares during the period. Geode Capital Management LLC boosted its position 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 worth $1,446,000 after purchasing an additional 412,631 shares during the period. Stonepine Capital Management LLC lifted its holdings 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 buying an additional 180,712 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Myomo by 26.0% during the 2nd quarter. Marshall Wace LLP now owns 304,400 shares of the company’s stock worth $658,000 after buying an additional 62,743 shares in 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.