Myomo, Inc. (NYSEAMERICAN:MYO) Short Interest Down 20.5% in March

Myomo, Inc. (NYSEAMERICAN:MYO) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 745,900 shares, a drop 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. Currently, 2.3% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. HC Wainwright increased their target price 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. Alliance Global Partners reiterated a “buy” rating on shares of Myomo in a research report on Tuesday, March 11th. Craig Hallum boosted their price objective on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Finally, Ascendiant Capital Markets increased their target price on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, March 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.75.

Insider Buying and Selling

In related news, insider Micah Mitchell sold 48,000 shares of the business’s stock in a transaction 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 directly owns 140,572 shares in the company, valued at $725,351.52. The trade was a 25.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas F. Kirk purchased 7,400 shares of the stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $5.00 per share, for a total transaction of $37,000.00. Following the completion of the acquisition, the director now owns 255,933 shares of the company’s stock, valued at $1,279,665. The trade was a 2.98 % increase in their position. The disclosure for this purchase can be found here. 4.54% of the stock is currently owned by company insiders.

Institutional Trading of Myomo

A number of institutional investors have recently made changes to their positions in MYO. Jane Street Group LLC acquired a new position in Myomo during the third quarter worth about $65,000. XTX Topco Ltd purchased a new position in Myomo in the 3rd quarter worth approximately $149,000. Barclays PLC acquired a new position in shares of Myomo during the 3rd quarter worth approximately $36,000. Calamos Advisors LLC purchased a new stake in shares of Myomo in the fourth quarter valued at approximately $189,000. Finally, Palumbo Wealth Management LLC acquired a new stake in shares of Myomo in the fourth quarter valued at approximately $242,000. 44.99% of the stock is owned by institutional investors and hedge funds.

Myomo Stock Performance

MYO stock opened at $4.37 on Friday. Myomo has a 12-month low of $2.76 and a 12-month high of $7.17. The stock has a market capitalization of $132.19 million, a P/E ratio of -19.00 and a beta of 1.68.

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.