Myomo, Inc. (NYSEAMERICAN:MYO) Short Interest Up 22.3% in March

Myomo, Inc. (NYSEAMERICAN:MYO) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 938,500 shares, an increase of 22.3% from the February 28th total of 767,200 shares. Based on an average daily trading volume, of 451,800 shares, the short-interest ratio is currently 2.1 days. Currently, 2.9% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

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

Insider Activity at Myomo

In other Myomo news, Director Thomas F. Kirk acquired 7,400 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $5.00 per share, for a total transaction of $37,000.00. Following the completion of the acquisition, the director now owns 255,933 shares of the company’s stock, valued at approximately $1,279,665. This trade represents a 2.98 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Harry Kovelman sold 30,000 shares of the company’s stock in a transaction 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 directly owns 97,973 shares in the company, valued at $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 insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Soleus Capital Management L.P. acquired a new stake in Myomo during the 4th quarter valued at approximately $5,796,000. AIGH Capital Management LLC grew its stake in Myomo by 21.7% in the fourth quarter. AIGH Capital Management LLC now owns 3,381,567 shares of the company’s stock worth $21,777,000 after purchasing an additional 602,719 shares in the last quarter. Portolan Capital Management LLC acquired a new position in Myomo in the fourth quarter worth $2,446,000. Manatuck Hill Partners LLC acquired a new stake in shares of Myomo in the fourth quarter valued at approximately $1,582,000. Finally, Thompson Siegel & Walmsley LLC bought a new stake in shares of Myomo during the fourth quarter valued at approximately $1,288,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Myomo Stock Performance

MYO traded down $0.04 on Wednesday, reaching $4.81. 12,628 shares of the company’s stock were exchanged, compared to its average volume of 335,864. The company has a market cap of $145.50 million, a PE ratio of -20.89 and a beta of 1.68. Myomo has a twelve month low of $2.51 and a twelve month high of $7.17.

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.