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

Zacks Investment Research upgraded shares of Myomo (NYSEAMERICAN:MYO) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. The firm currently has $0.75 target price 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. “

Separately, Ascendiant Capital Markets began coverage on Myomo in a report on Tuesday, July 30th. They issued a buy rating and a $2.00 price target on the stock.

Shares of NYSEAMERICAN MYO opened at $0.70 on Friday. Myomo has a fifty-two week low of $0.61 and a fifty-two week high of $2.69.

Myomo (NYSEAMERICAN:MYO) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.02. The business had revenue of $0.88 million during the quarter, compared to analysts’ expectations of $1.09 million.

A hedge fund recently raised its stake in Myomo stock. Bank of New York Mellon Corp increased its position in Myomo Inc (NYSEAMERICAN:MYO) by 87.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,925 shares of the company’s stock after purchasing an additional 21,925 shares during the quarter. 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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