Myomo (NYSEAMERICAN:MYO) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Myomo (NYSEAMERICAN:MYO) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $8.75 price target on the stock.

According to Zacks, “Myomo, Inc. is a commercial stage medical robotics company. It offers expanded mobility which suffering from neurological disorders and upper limb paralysis. The company develops and markets the MyoPro(R) product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals. Myomo, Inc. is headquartered in Cambridge,Massachusetts. “

Other analysts have also recently issued research reports about the company. Colliers Securities reiterated a buy rating and set a $17.00 target price on shares of Myomo in a report on Thursday, November 11th. Roth Capital reiterated a buy rating on shares of Myomo in a report on Monday, November 15th. Finally, Alliance Global Partners reiterated a buy rating and set a $34.00 target price (down previously from $36.50) on shares of Myomo in a report on Thursday, November 11th.

NYSEAMERICAN MYO opened at $8.51 on Wednesday. Myomo has a 12 month low of $6.79 and a 12 month high of $18.88. The stock has a market cap of $58.38 million, a PE ratio of -4.84 and a beta of 1.23.

Myomo (NYSEAMERICAN:MYO) last issued its earnings results on Wednesday, November 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.10. Myomo had a negative return on equity of 68.34% and a negative net margin of 68.58%. The business had revenue of $4.38 million during the quarter, compared to analysts’ expectations of $3.13 million. Sell-side analysts forecast that Myomo will post -1.87 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings in Myomo by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 44,358 shares of the company’s stock worth $527,000 after acquiring an additional 1,800 shares during the period. Apis Capital Advisors LLC boosted its holdings in Myomo by 5.0% in the 2nd quarter. Apis Capital Advisors LLC now owns 42,000 shares of the company’s stock worth $454,000 after acquiring an additional 2,000 shares during the period. Wells Fargo & Company MN boosted its holdings in Myomo by 326.4% in the 2nd quarter. Wells Fargo & Company MN now owns 5,232 shares of the company’s stock worth $56,000 after acquiring an additional 4,005 shares during the period. Union Square Park Capital Management LLC boosted its stake in shares of Myomo by 6.0% during the 2nd quarter. Union Square Park Capital Management LLC now owns 121,940 shares of the company’s stock valued at $1,317,000 after buying an additional 6,940 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in shares of Myomo during the 3rd quarter valued at approximately $122,000. Hedge funds and other institutional investors own 31.83% of the company’s stock.

About Myomo

Myomo, Inc is a medical robotics company, which offers expanded mobility for those suffering from neurological disorders and upper-limb paralysis. It offers MyoPro, which is a myoelectric elbow, wrist, and hand orthosis that supports an impaired hand and arm while also enabling it to move again. The company was founded by Stephen Kelly, John McBean, Mira Sahney, and Kailas N.

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