Myomo, Inc. (NYSEAMERICAN:MYO) Sees Large Drop in Short Interest

Myomo, Inc. (NYSEAMERICAN:MYO) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 745,900 shares, a decrease of 20.5% from the March 15th total of 938,500 shares. Based on an average trading volume of 455,700 shares, the short-interest ratio is currently 1.6 days. Approximately 2.3% of the company’s shares are short sold.

Insider Activity at Myomo

In related news, insider Micah Mitchell sold 48,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $5.16, for a total transaction of $247,680.00. Following the completion of the transaction, the insider now owns 140,572 shares of the company’s stock, valued at approximately $725,351.52. This trade represents a 25.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Harry Kovelman sold 30,000 shares of Myomo stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $5.50, for a total transaction of $165,000.00. Following the completion of the sale, the insider now owns 97,973 shares of the company’s stock, valued at $538,851.50. This trade represents a 23.44 % decrease in their position. The disclosure for this sale can be found here. 4.54% of the stock is currently owned by insiders.

Institutional Trading of Myomo

A number of large investors have recently made changes to their positions in MYO. Northern Trust Corp boosted its position in shares of Myomo by 17.6% during the 4th quarter. Northern Trust Corp now owns 49,587 shares of the company’s stock worth $319,000 after acquiring an additional 7,413 shares in the last quarter. Barclays PLC purchased a new stake in Myomo during the third quarter worth approximately $36,000. BNP Paribas Financial Markets acquired a new position in Myomo in the fourth quarter valued at approximately $64,000. Walleye Capital LLC purchased a new position in Myomo in the fourth quarter valued at approximately $66,000. Finally, Squarepoint Ops LLC acquired a new stake in Myomo during the fourth quarter worth approximately $74,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Myomo Trading Up 2.3 %

MYO stock opened at $4.37 on Friday. The stock has a market capitalization of $132.19 million, a price-to-earnings ratio of -19.00 and a beta of 1.68. Myomo has a 1 year low of $2.76 and a 1 year high of $7.17.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MYO. Ascendiant Capital Markets boosted their price objective on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a report on Monday, March 17th. HC Wainwright boosted their price target on shares of Myomo from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Craig Hallum raised their price objective on shares of Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Myomo in a research note on Tuesday, March 11th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Myomo presently has a consensus rating of “Buy” and an average price target of $9.75.

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.