Myomo, Inc. (NYSEAMERICAN:MYO) Sees Significant Growth in Short Interest

Myomo, Inc. (NYSEAMERICAN:MYO) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 938,500 shares, an increase of 22.3% from the February 28th total of 767,200 shares. Based on an average trading volume of 451,800 shares, the short-interest ratio is currently 2.1 days. Currently, 2.9% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

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

Myomo Stock Performance

Shares of MYO stock opened at $4.72 on Thursday. Myomo has a 52-week low of $2.51 and a 52-week high of $7.17. The stock has a market capitalization of $142.84 million, a P/E ratio of -19.80 and a beta of 1.68.

Insider Buying and Selling at Myomo

In other Myomo news, insider Harry Kovelman sold 30,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $5.50, for a total transaction of $165,000.00. Following the sale, the insider now owns 97,973 shares in the company, valued at $538,851.50. This represents a 23.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Micah Mitchell sold 48,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $5.16, for a total value of $247,680.00. Following the transaction, the insider now directly owns 140,572 shares of the company’s stock, valued at approximately $725,351.52. This represents a 25.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Myomo

Hedge funds and other institutional investors have recently bought and sold shares of the company. Soleus Capital Management L.P. purchased a new stake in shares of Myomo in the fourth quarter valued at about $5,796,000. AIGH Capital Management LLC boosted its holdings in Myomo by 21.7% in the 4th quarter. AIGH Capital Management LLC now owns 3,381,567 shares of the company’s stock valued at $21,777,000 after purchasing an additional 602,719 shares in the last quarter. Portolan Capital Management LLC purchased a new position in shares of Myomo during the 4th quarter worth approximately $2,446,000. Manatuck Hill Partners LLC purchased a new stake in shares of Myomo in the fourth quarter valued at approximately $1,582,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in Myomo during the fourth quarter worth $1,288,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Myomo Company Profile

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.