Myomo Inc (NYSEAMERICAN:MYO) Short Interest Up 90.7% in September

Myomo Inc (NYSEAMERICAN:MYO) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 182,500 shares, a growth of 90.7% from the September 15th total of 95,700 shares. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is presently 0.2 days. Currently, 5.8% of the company’s stock are sold short.

Several research firms recently commented on MYO. Colliers Securities raised their price target on shares of Myomo from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. Zacks Investment Research cut shares of Myomo from a “buy” rating to a “hold” rating in a report on Friday, October 2nd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $8.94.

A number of hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp increased its position in Myomo by 100.0% during the second quarter. Fifth Third Bancorp now owns 12,000 shares of the company’s stock worth $44,000 after acquiring an additional 6,000 shares during the period. Bank of New York Mellon Corp bought a new position in Myomo during the second quarter worth $111,000. Finally, Sabby Management LLC bought a new position in Myomo during the first quarter worth $184,000.

NYSEAMERICAN MYO opened at $4.49 on Friday. Myomo has a 12-month low of $2.82 and a 12-month high of $40.00.

Myomo (NYSEAMERICAN:MYO) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.12) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.31) by $0.19. The firm had revenue of $0.86 million during the quarter, compared to the consensus estimate of $0.60 million.

About Myomo

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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