Myomo, Inc. (NYSEAMERICAN:MYO) Short Interest Update

Myomo, Inc. (NYSEAMERICAN:MYO) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 860,100 shares, a decline of 15.7% from the October 31st total of 1,020,000 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 160,300 shares, the days-to-cover ratio is presently 5.4 days.

Myomo Trading Up 7.7 %

Myomo stock opened at $5.62 on Monday. The company has a market cap of $170.01 million, a price-to-earnings ratio of -24.43 and a beta of 1.56. Myomo has a 52-week low of $2.51 and a 52-week high of $5.66.

Myomo (NYSEAMERICAN:MYO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Myomo had a negative return on equity of 86.30% and a negative net margin of 33.22%. The business had revenue of $9.21 million during the quarter, compared to analysts’ expectations of $7.95 million. Equities analysts expect that Myomo will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myomo

Hedge funds have recently added to or reduced their stakes in the stock. Rosalind Advisors Inc. increased its position in shares of Myomo by 13.4% during the third quarter. Rosalind Advisors Inc. now owns 3,021,391 shares of the company’s stock worth $12,116,000 after purchasing an additional 356,392 shares in the last quarter. AIGH Capital Management LLC grew its stake in Myomo by 4.1% during the 2nd quarter. AIGH Capital Management LLC now owns 2,917,997 shares of the company’s stock worth $9,367,000 after buying an additional 115,405 shares during the last quarter. Herr Investment Group LLC increased its position in Myomo by 72.9% during the second quarter. Herr Investment Group LLC now owns 2,846,071 shares of the company’s stock worth $9,136,000 after buying an additional 1,200,244 shares during the period. Essex Investment Management Co. LLC lifted its stake in Myomo by 40.2% in the third quarter. Essex Investment Management Co. LLC now owns 899,135 shares of the company’s stock valued at $3,606,000 after buying an additional 257,749 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Myomo by 60.8% in the third quarter. GSA Capital Partners LLP now owns 103,342 shares of the company’s stock valued at $414,000 after acquiring an additional 39,085 shares during the period. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Ascendiant Capital Markets boosted their price objective on Myomo from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. HC Wainwright reissued a “buy” rating and issued a $7.50 price objective on shares of Myomo in a research note on Wednesday, November 13th.

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.