Myomo (NYSEAMERICAN:MYO) Stock Price Down 3.8% – What’s Next?

Myomo, Inc. (NYSEAMERICAN:MYO)’s share price traded down 3.8% on Thursday . The stock traded as low as $0.9981 and last traded at $1.00. Approximately 117,411 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 677,845 shares. The stock had previously closed at $1.04.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price target on Myomo from $9.50 to $10.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Myomo currently has a consensus rating of “Buy” and a consensus target price of $7.50.

Myomo Price Performance

The company has a quick ratio of 2.36, a current ratio of 2.73 and a debt-to-equity ratio of 1.21. The stock’s 50-day simple moving average is $1.12 and its two-hundred day simple moving average is $0.92. The company has a market capitalization of $38.64 million, a price-to-earnings ratio of -2.78 and a beta of 1.47.

Insider Activity

In other news, Director Thomas F. Kirk acquired 43,401 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $0.91 per share, for a total transaction of $39,494.91. Following the acquisition, the director owned 628,863 shares in the company, valued at approximately $572,265.33. This represents a 7.41% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph M. Jr. Manko acquired 170,830 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $0.86 per share, with a total value of $146,913.80. Following the completion of the purchase, the director owned 2,279,408 shares in the company, valued at $1,960,290.88. This represents a 8.10% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 341,205 shares of company stock valued at $317,748. Insiders own 12.14% of the company’s stock.

Hedge Funds Weigh In On Myomo

Several hedge funds and other institutional investors have recently made changes to their positions in MYO. Bank of America Corp DE boosted its stake in shares of Myomo by 93.6% in 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 during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Myomo by 103.1% during the fourth quarter. Wells Fargo & Company MN now owns 38,707 shares of the company’s stock worth $35,000 after buying an additional 19,646 shares in the last quarter. Invesco Ltd. purchased a new stake in shares of Myomo during the second quarter worth $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Myomo in the second quarter valued at about $38,000. Finally, Jane Street Group LLC acquired a new stake in shares of Myomo in the fourth quarter valued at about $64,000. Hedge funds and other 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.