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

Myomo, Inc. (NYSEAMERICAN:MYO) was the target of a large decline in short interest during the month of 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 trading volume, of 455,700 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.3% of the company’s stock are sold short.

Myomo Trading Down 2.1 %

NYSEAMERICAN MYO traded down $0.09 during trading on Monday, reaching $4.28. 210,476 shares of the company traded hands, compared to its average volume of 345,076. Myomo has a 1-year low of $2.76 and a 1-year high of $7.17. The company has a market capitalization of $129.47 million, a price-to-earnings ratio of -18.61 and a beta of 1.68.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. HC Wainwright upped their price target on shares of Myomo from $7.50 to $9.50 and gave the company a “buy” rating in a report on Wednesday, March 12th. Alliance Global Partners reaffirmed a “buy” rating on shares of Myomo in a report on Tuesday, March 11th. Craig Hallum upped their price target on Myomo from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Finally, Ascendiant Capital Markets raised their price objective on shares of Myomo from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, March 17th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $9.75.

Insider Activity

In other Myomo news, insider Micah Mitchell sold 48,000 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $5.16, for a total transaction of $247,680.00. Following the completion of the sale, the insider now owns 140,572 shares of the company’s stock, valued at $725,351.52. This represents a 25.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Harry Kovelman sold 30,000 shares of Myomo stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $5.50, for a total transaction of $165,000.00. Following the completion of the transaction, the insider now directly owns 97,973 shares in the company, valued at approximately $538,851.50. This represents a 23.44 % decrease in their position. The disclosure for this sale can be found here. 4.54% of the stock is owned by corporate insiders.

Institutional Trading of Myomo

A number of large investors have recently bought and sold shares of MYO. Northern Trust Corp boosted its holdings in shares of Myomo by 17.6% in the 4th quarter. Northern Trust Corp now owns 49,587 shares of the company’s stock worth $319,000 after acquiring an additional 7,413 shares in the last quarter. Barclays PLC acquired a new position in Myomo in the third quarter worth $36,000. BNP Paribas Financial Markets bought a new stake in shares of Myomo during the fourth quarter worth $64,000. Walleye Capital LLC bought a new stake in shares of Myomo during the fourth quarter worth $66,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Myomo in the fourth quarter valued at $74,000. 44.99% of the stock is currently owned by institutional investors.

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.