Myomo (NYSEAMERICAN:MYO) Shares Up 2.5% - What's Next?

Key Points

• Myomo shares rose 2.5% to $1.67 in mid-day trading, with approximately 272,872 shares changing hands—below the stock’s average volume.
• Ascendiant Capital Markets raised its price target from $9.50 to $10.00 and maintained a “Buy” rating. The two-analyst consensus is also “Buy,” with a $10.00 target price.
• Myomo exceeded quarterly expectations, reporting a loss of $0.09 per share versus the projected $0.10 loss and revenue of $11.70 million versus the $10.35 million estimate, though profitability remained negative and insiders have recently sold shares.

Myomo, Inc. (NYSEAMERICAN:MYO - Get Free Report)'s share price traded up 2.5% during mid-day trading on Monday. The company traded as high as $1.7250 and last traded at $1.67. Approximately 272,872 shares changed hands during trading, a decline of 19% from the average daily volume of 337,853 shares. The stock had previously closed at $1.63.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their price objective on shares of Myomo from $9.50 to $10.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $10.00.

Myomo Stock Performance

The stock has a market cap of $66.15 million, a P/E ratio of -4.91 and a beta of 1.58. The company has a quick ratio of 2.01, a current ratio of 2.31 and a debt-to-equity ratio of 1.98. The business has a 50 day moving average price of $1.44 and a two-hundred day moving average price of $1.13.

Myomo (NYSEAMERICAN:MYO - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. Myomo had a negative net margin of 33.53% and a negative return on equity of 138.85%. The firm had revenue of $11.70 million for the quarter, compared to the consensus estimate of $10.35 million. On average, sell-side analysts forecast that Myomo, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Myomo

In other Myomo news, insider Harry Kovelman sold 17,250 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $1.73, for a total transaction of $29,842.50. Following the transaction, the insider owned 105,983 shares in the company, valued at $183,350.59. The trade was a 14.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 47,738 shares of company stock worth $70,662. Insiders own 12.14% of the company's stock.

About Myomo

Myomo, Inc is a medical technology company that develops, manufactures and markets wearable robotic devices designed to help people with neuromuscular disorders and upper-limb weakness regain movement and perform activities of daily living. The company's products combine powered actuators, sensors and user-controlled interfaces in lightweight orthotic systems.

Myomo's principal product is the MyoPro, a powered upper-limb orthosis intended for individuals whose arm and hand function has been impaired by conditions such as stroke, brachial plexus injury, multiple sclerosis, spinal cord injury or other neurological disorders.

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