Myomo, Inc. (NYSEAMERICAN:MYO) Sees Large Growth in Short Interest

Myomo, Inc. (NYSEAMERICAN:MYO) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 938,500 shares, an increase of 22.3% from the February 28th total of 767,200 shares. Based on an average trading volume of 451,800 shares, the short-interest ratio is presently 2.1 days. Currently, 2.9% of the shares of the company are short sold.

Myomo Stock Performance

Shares of MYO opened at $4.72 on Thursday. Myomo has a fifty-two week low of $2.51 and a fifty-two week high of $7.17. The stock has a market cap of $142.84 million, a price-to-earnings ratio of -19.80 and a beta of 1.68.

Insider Activity

In other news, Director Thomas F. Kirk bought 7,400 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $5.00 per share, for a total transaction of $37,000.00. Following the purchase, the director now owns 255,933 shares in the company, valued at $1,279,665. This represents a 2.98 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Micah Mitchell sold 48,000 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $5.16, for a total value of $247,680.00. Following the completion of the transaction, the insider now owns 140,572 shares in the company, valued at $725,351.52. The trade was a 25.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.54% of the company’s stock.

Institutional Investors Weigh In On Myomo

Institutional investors have recently modified their holdings of the business. Soleus Capital Management L.P. purchased a new stake in shares of Myomo during the fourth quarter worth about $5,796,000. AIGH Capital Management LLC lifted its position in shares of Myomo by 21.7% in the fourth quarter. AIGH Capital Management LLC now owns 3,381,567 shares of the company’s stock valued at $21,777,000 after acquiring an additional 602,719 shares in the last quarter. Portolan Capital Management LLC acquired a new stake in shares of Myomo in the fourth quarter worth approximately $2,446,000. Manatuck Hill Partners LLC purchased a new stake in shares of Myomo during the fourth quarter worth approximately $1,582,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in Myomo in the 4th quarter valued at $1,288,000. 44.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on MYO shares. Ascendiant Capital Markets raised their price target on Myomo from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, March 17th. Craig Hallum boosted their price target on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. HC Wainwright increased their price objective on shares of Myomo from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Myomo in a research note on Tuesday, March 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Myomo has a consensus rating of “Buy” and an average price target of $9.75.

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.