HC Wainwright Forecasts Strong Price Appreciation for Myomo (NYSEAMERICAN:MYO) Stock

Myomo (NYSEAMERICAN:MYO) had its price target lifted by equities researchers at HC Wainwright from $7.50 to $9.50 in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 87.38% from the company’s current price.

Several other analysts also recently issued reports on MYO. Craig Hallum lifted their target price on Myomo from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday. Ascendiant Capital Markets lifted their target price on Myomo from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Myomo currently has a consensus rating of “Buy” and an average target price of $9.25.

Myomo Stock Performance

NYSEAMERICAN MYO opened at $5.07 on Wednesday. Myomo has a 52 week low of $2.51 and a 52 week high of $7.17. The stock has a market capitalization of $153.37 million, a PE ratio of -22.04 and a beta of 1.68.

Insider Activity at Myomo

In other Myomo news, insider Harry Kovelman sold 30,000 shares of Myomo stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $5.50, for a total value of $165,000.00. Following the sale, the insider now owns 97,973 shares of the company’s stock, valued at $538,851.50. The trade was a 23.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.54% of the stock is owned by corporate insiders.

Institutional Trading of Myomo

A number of large investors have recently added to or reduced their stakes in MYO. Barclays PLC bought a new position in shares of Myomo during the 3rd quarter valued at approximately $36,000. BNP Paribas Financial Markets bought a new position in shares of Myomo during the 4th quarter valued at approximately $64,000. Jane Street Group LLC bought a new position in shares of Myomo during the 3rd quarter valued at approximately $65,000. Walleye Capital LLC bought a new position in shares of Myomo during the 4th quarter valued at approximately $66,000. Finally, Squarepoint Ops LLC bought a new position in shares of Myomo during the 4th quarter valued at approximately $74,000. Institutional investors own 44.99% of the company’s stock.

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.