Myomo (NYSEAMERICAN:MYO) Price Target Raised to $9.50

Myomo (NYSEAMERICAN:MYO) had its price target raised by investment analysts at HC Wainwright from $7.50 to $9.50 in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 87.38% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on MYO. Ascendiant Capital Markets boosted their price objective on Myomo from $8.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Craig Hallum boosted their price objective on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Myomo has a consensus rating of “Buy” and a consensus target price of $9.25.

Myomo Price Performance

MYO opened at $5.07 on Wednesday. Myomo has a 52-week low of $2.51 and a 52-week high of $7.17. The firm has a market cap of $153.37 million, a P/E ratio of -22.04 and a beta of 1.68.

Insiders Place Their Bets

In other Myomo news, insider Harry Kovelman sold 30,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $5.50, for a total value of $165,000.00. Following the completion of the sale, the insider now directly owns 97,973 shares in the company, valued at approximately $538,851.50. This represents a 23.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.54% of the company’s stock.

Institutional Investors Weigh In On Myomo

Several hedge funds have recently made changes to their positions in MYO. GSA Capital Partners LLP lifted its stake in shares of Myomo by 60.8% during the 3rd quarter. GSA Capital Partners LLP now owns 103,342 shares of the company’s stock worth $414,000 after purchasing an additional 39,085 shares during the last quarter. Stonepine Capital Management LLC purchased a new stake in shares of Myomo during the 3rd quarter worth $401,000. Jane Street Group LLC purchased a new stake in shares of Myomo during the 3rd quarter worth $65,000. XTX Topco Ltd purchased a new stake in shares of Myomo during the 3rd quarter worth $149,000. Finally, Barclays PLC purchased a new stake in shares of Myomo during the 3rd quarter worth $36,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

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.