Myomo (NYSEAMERICAN:MYO) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Myomo (NYSEAMERICAN:MYO) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $0.75 price target on the stock.

According to Zacks, “Myomo, Inc. is a commercial stage medical robotics company. It offers expanded mobility which suffering from neurological disorders and upper limb paralysis. The company develops and markets the MyoPro(R) product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals. Myomo, Inc. is headquartered in Cambridge,Massachusetts. “

MYO stock opened at $0.77 on Tuesday. Myomo has a twelve month low of $0.66 and a twelve month high of $3.07.

Myomo (NYSEAMERICAN:MYO) last released its earnings results on Monday, May 13th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $0.83 million for the quarter, compared to the consensus estimate of $0.86 million.

A hedge fund recently raised its stake in Myomo stock. Bank of New York Mellon Corp increased its stake in shares of Myomo Inc (NYSEAMERICAN:MYO) by 87.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,925 shares of the company’s stock after purchasing an additional 21,925 shares during the period. Bank of New York Mellon Corp owned approximately 0.38% of Myomo worth $68,000 as of its most recent SEC filing.

About Myomo

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis used for the purpose of supporting a patient's weak or deformed arm to enable and improve functional activities of daily living, ADLs, in the home and community.

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