Myomo (NYSEAMERICAN:MYO) Trading 9.1% Higher – Here’s What Happened

Myomo, Inc. (NYSEAMERICAN:MYO) shares shot up 9.1% during trading on Monday . The company traded as high as $1.10 and last traded at $1.08. 1,103,161 shares traded hands during trading, an increase of 65% from the average session volume of 670,476 shares. The stock had previously closed at $0.99.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets reduced their price objective on Myomo from $10.50 to $10.00 and set a “buy” rating for the company in a research note on Friday, November 21st. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Myomo presently has a consensus rating of “Buy” and a consensus price target of $7.67.

Myomo Trading Up 9.1%

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.49 and a quick ratio of 2.10. The firm has a fifty day simple moving average of $0.92 and a two-hundred day simple moving average of $1.26. The firm has a market capitalization of $41.52 million, a P/E ratio of -3.72 and a beta of 1.05.

Myomo (NYSEAMERICAN:MYO) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Myomo had a negative return on equity of 61.14% and a negative net margin of 28.86%.The firm had revenue of $10.09 million for the quarter, compared to analysts’ expectations of $9.44 million. On average, equities research analysts anticipate that Myomo, Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Trading of Myomo

Several hedge funds and other institutional investors have recently modified their holdings of MYO. Centiva Capital LP bought a new position in Myomo in the 3rd quarter worth approximately $190,000. Bank of America Corp DE lifted its position in shares of Myomo by 93.6% during the third quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock worth $27,000 after acquiring an additional 14,705 shares in the last quarter. Rosalind Advisors Inc. boosted its holdings in shares of Myomo by 5.4% in the third quarter. Rosalind Advisors Inc. now owns 3,790,788 shares of the company’s stock worth $3,381,000 after acquiring an additional 195,000 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Myomo in the second quarter valued at $98,000. Finally, Engineers Gate Manager LP raised its stake in shares of Myomo by 62.8% during the 2nd quarter. Engineers Gate Manager LP now owns 30,097 shares of the company’s stock valued at $65,000 after purchasing an additional 11,614 shares during the period. Institutional investors own 44.99% of the company’s stock.

About Myomo

Myomo, Inc (NYSE American: MYO) is a medical robotics company specializing in developing and commercializing powered orthotic devices designed to restore mobility and function for individuals with upper-limb weakness. The company’s flagship product, the MyoPro®, is an FDA-cleared, wearable robotic orthosis that leverages proprietary sensors and actuators to detect and amplify users’ own muscle signals, enabling patients with conditions such as stroke, spinal cord injury, muscular dystrophy and other neuromuscular disorders to perform daily activities with greater independence.

Myomo markets the MyoPro through a network of licensed orthotic and prosthetic professionals, clinics and hospitals across North America.