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

Myomo, Inc. (NYSEAMERICAN:MYO - Get Free Report) saw a significant decline in short interest in March. As of March 31st, there was short interest totalling 745,900 shares, a decline of 20.5% from the March 15th total of 938,500 shares. Based on an average daily volume of 455,700 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.3% of the shares of the stock are sold short.

Myomo Stock Up 0.3 %

Myomo stock traded up $0.02 during midday trading on Friday, reaching $4.90. The stock had a trading volume of 90,548 shares, compared to its average volume of 345,228. The stock has a market capitalization of $148.07 million, a PE ratio of -21.27 and a beta of 1.68. The company's fifty day moving average is $4.86. Myomo has a 1-year low of $2.76 and a 1-year high of $7.17.

Insiders Place Their Bets

In other Myomo news, insider Micah Mitchell sold 48,000 shares of the stock in a transaction on 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 in the company, valued at approximately $725,351.52. This trade represents a 25.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Harry Kovelman sold 30,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $5.50, for a total value of $165,000.00. Following the transaction, the insider now directly owns 97,973 shares in the company, valued at $538,851.50. This trade represents a 23.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.54% of the company's stock.

Institutional Trading of Myomo

A number of hedge funds and other institutional investors have recently made changes to their positions in MYO. Barclays PLC bought a new position in Myomo in the third quarter valued at $36,000. Jane Street Group LLC acquired a new stake in shares of Myomo in the third quarter valued at about $65,000. AIGH Capital Management LLC increased its position in shares of Myomo by 21.7% in the fourth quarter. AIGH Capital Management LLC now owns 3,381,567 shares of the company's stock valued at $21,777,000 after acquiring an additional 602,719 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Myomo during the fourth quarter worth about $229,000. Finally, Perkins Capital Management Inc. acquired a new position in Myomo during the fourth quarter valued at approximately $483,000. 44.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYO has been the subject of several recent analyst reports. Alliance Global Partners reaffirmed a "buy" rating on shares of Myomo in a research note on Tuesday, March 11th. Ascendiant Capital Markets lifted their price objective on Myomo from $9.00 to $11.00 and gave the company a "buy" rating in a report on Monday, March 17th. HC Wainwright increased their target price on Myomo from $7.50 to $9.50 and gave the stock a "buy" rating in a research note on Wednesday, March 12th. Finally, Craig Hallum lifted their price target on shares of Myomo from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, March 11th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Myomo has an average rating of "Buy" and an average target price of $9.75.

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.