Myomo (NYSEAMERICAN:MYO) Trading Down 1% – Here’s Why

Myomo, Inc. (NYSEAMERICAN:MYO) fell 1% on Thursday . The stock traded as low as $1.01 and last traded at $1.03. Approximately 399,062 shares were traded during trading, a decline of 73% from the average daily volume of 1,469,673 shares. The stock had previously closed at $1.04.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MYO shares. Craig Hallum restated a “buy” rating on shares of Myomo in a research report on Tuesday, March 10th. Ascendiant Capital Markets increased their target price on shares of Myomo from $9.50 to $10.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $7.50.

Myomo Stock Performance

The company has a market cap of $39.80 million, a PE ratio of -2.86 and a beta of 1.47. The company has a current ratio of 2.73, a quick ratio of 2.36 and a debt-to-equity ratio of 1.21. The business’s 50 day moving average is $1.05 and its two-hundred day moving average is $0.91.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd bought a new position in Myomo during the first quarter valued at $75,000. Invesco Ltd. bought a new stake in shares of Myomo in the 2nd quarter worth about $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Myomo during the 2nd quarter valued at about $38,000. Acadian Asset Management LLC purchased a new stake in shares of Myomo during the 1st quarter valued at about $114,000. Finally, Engineers Gate Manager LP lifted its holdings in shares of Myomo by 62.8% in the 2nd quarter. Engineers Gate Manager LP now owns 30,097 shares of the company’s stock valued at $65,000 after acquiring an additional 11,614 shares during the last quarter. 44.99% of the stock is owned by hedge funds and other institutional investors.

Myomo Company Profile

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.