Myomo (NYSEAMERICAN:MYO) Shares Gap Up on Analyst Upgrade

Myomo Inc (NYSEAMERICAN:MYO)’s share price gapped up prior to trading on Wednesday after Colliers Securities raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $3.82, but opened at $5.55. Colliers Securities currently has a buy rating on the stock. Myomo shares last traded at $5.13, with a volume of 949,541 shares changing hands.

A number of other equities analysts also recently issued reports on MYO. Dougherty & Co assumed coverage on Myomo in a research note on Wednesday, May 27th. They set a “buy” rating and a $8.50 target price for the company. Zacks Investment Research cut Myomo from a “buy” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $8.94.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp raised its position in Myomo by 100.0% in the second quarter. Fifth Third Bancorp now owns 12,000 shares of the company’s stock valued at $44,000 after purchasing an additional 6,000 shares during the period. Bank of New York Mellon Corp purchased a new position in Myomo in the second quarter valued at about $111,000. Finally, Sabby Management LLC purchased a new position in Myomo in the first quarter valued at about $184,000.

Myomo (NYSEAMERICAN:MYO) last announced its earnings results on Monday, August 10th. The company reported ($1.12) earnings per share for the quarter, beating the consensus estimate of ($1.31) by $0.19.

Myomo Company Profile (NYSEAMERICAN:MYO)

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis used for the purpose of supporting a patient's weak or deformed arm to enable and improve functional activities of daily living, ADLs, in the home and community.

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