Myomo (NYSEAMERICAN:MYO) Trading Down 3.8% – Should You Sell?

Shares of Myomo, Inc. (NYSEAMERICAN:MYO) dropped 3.8% during trading on Thursday . The company traded as low as $0.9981 and last traded at $1.00. 117,411 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 677,845 shares. The stock had previously closed at $1.04.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their target price on Myomo from $9.50 to $10.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $7.50.

Myomo Trading Down 3.8%

The company’s 50-day moving average is $1.12 and its 200-day moving average is $0.92. The stock has a market capitalization of $38.64 million, a price-to-earnings ratio of -2.78 and a beta of 1.47. The company has a quick ratio of 2.36, a current ratio of 2.73 and a debt-to-equity ratio of 1.21.

Insider Activity at Myomo

In other Myomo news, Director Joseph M. Jr. Manko bought 170,830 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was bought 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 directly owned 2,279,408 shares in the company, valued at $1,960,290.88. The trade was a 8.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas F. Kirk bought 43,401 shares of Myomo stock in a transaction on Monday, May 18th. The stock was acquired at an average price of $0.91 per share, for a total transaction of $39,494.91. Following the transaction, the director directly owned 628,863 shares of the company’s stock, valued at approximately $572,265.33. This trade represents a 7.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 341,205 shares of company stock valued at $317,748 over the last quarter. 12.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Myomo

Several large investors have recently bought and sold shares of MYO. Engineers Gate Manager LP raised its position in shares of Myomo by 62.8% in the second quarter. Engineers Gate Manager LP now owns 30,097 shares of the company’s stock valued at $65,000 after buying an additional 11,614 shares during the last quarter. Bank of America Corp DE boosted its position in Myomo by 93.6% during 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. Dynamic Technology Lab Private Ltd acquired a new stake in Myomo during the first quarter worth approximately $75,000. Invesco Ltd. acquired a new position in Myomo in the 2nd quarter valued at $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Myomo during the 2nd quarter worth $38,000. 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.