Myomo (NYSEAMERICAN:MYO) Stock Price Down 4.8% – What’s Next?

Myomo, Inc. (NYSEAMERICAN:MYO) shares dropped 4.8% on Monday . The company traded as low as $0.99 and last traded at $1.00. Approximately 842,103 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 795,105 shares. The stock had previously closed at $1.05.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets dropped their price objective on shares of Myomo from $10.50 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $7.67.

Myomo Price Performance

The company has a quick ratio of 2.10, a current ratio of 2.49 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $35.36 million, a P/E ratio of -3.17 and a beta of 1.03. The company’s fifty day moving average price is $0.95 and its 200 day moving average price is $1.44.

Myomo (NYSEAMERICAN:MYO) last released its earnings results on Monday, November 10th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $10.09 million for the quarter, compared to analyst estimates of $9.44 million. As a group, sell-side analysts forecast that Myomo, Inc. will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rosalind Advisors Inc. lifted 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 last quarter. AIGH Capital Management LLC boosted its position in Myomo by 22.3% in the second quarter. AIGH Capital Management LLC now owns 3,555,742 shares of the company’s stock valued at $7,680,000 after buying an additional 649,053 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Myomo by 160.8% during the second quarter. Geode Capital Management LLC now owns 669,281 shares of the company’s stock worth $1,446,000 after buying an additional 412,631 shares during the last quarter. Stonepine Capital Management LLC increased its holdings in shares of Myomo by 65.3% during the second 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 stake in shares of Myomo by 26.0% in the 2nd quarter. Marshall Wace LLP now owns 304,400 shares of the company’s stock valued at $658,000 after acquiring an additional 62,743 shares during the last quarter. 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.