Myomo (NYSEAMERICAN:MYO) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Myomo (NYSEAMERICAN:MYO) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $8.75 price objective on the stock.

According to Zacks, “Myomo, Inc. is a commercial stage medical robotics company. It offers expanded mobility which suffering from neurological disorders and upper limb paralysis. The company develops and markets the MyoPro(R) product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals. Myomo, Inc. is headquartered in Cambridge,Massachusetts. “

Several other brokerages have also recently weighed in on MYO. Roth Capital reaffirmed a buy rating on shares of Myomo in a report on Monday, November 15th. Colliers Securities reissued a buy rating and set a $17.00 price objective on shares of Myomo in a report on Thursday, November 11th. Finally, Alliance Global Partners reissued a buy rating and set a $34.00 price objective (down previously from $36.50) on shares of Myomo in a report on Thursday, November 11th.

Shares of NYSEAMERICAN:MYO opened at $8.51 on Wednesday. The company has a market capitalization of $58.38 million, a P/E ratio of -4.84 and a beta of 1.23. Myomo has a fifty-two week low of $6.79 and a fifty-two week high of $18.88.

Myomo (NYSEAMERICAN:MYO) last issued its earnings results on Wednesday, November 10th. The company reported ($0.36) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.10. The firm had revenue of $4.38 million for the quarter, compared to analysts’ expectations of $3.13 million. Myomo had a negative net margin of 68.58% and a negative return on equity of 68.34%. Equities analysts forecast that Myomo will post -1.87 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Myomo by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 44,358 shares of the company’s stock valued at $527,000 after acquiring an additional 1,800 shares during the period. Apis Capital Advisors LLC increased its holdings in shares of Myomo by 5.0% in the 2nd quarter. Apis Capital Advisors LLC now owns 42,000 shares of the company’s stock valued at $454,000 after acquiring an additional 2,000 shares during the period. Wells Fargo & Company MN grew its position in Myomo by 326.4% in the 2nd quarter. Wells Fargo & Company MN now owns 5,232 shares of the company’s stock valued at $56,000 after buying an additional 4,005 shares during the last quarter. Union Square Park Capital Management LLC grew its position in Myomo by 6.0% in the 2nd quarter. Union Square Park Capital Management LLC now owns 121,940 shares of the company’s stock valued at $1,317,000 after buying an additional 6,940 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Myomo in the 3rd quarter valued at $122,000. 31.83% of the stock is currently owned by institutional investors.

About Myomo

Myomo, Inc is a medical robotics company, which offers expanded mobility for those suffering from neurological disorders and upper-limb paralysis. It offers MyoPro, which is a myoelectric elbow, wrist, and hand orthosis that supports an impaired hand and arm while also enabling it to move again. The company was founded by Stephen Kelly, John McBean, Mira Sahney, and Kailas N.

Recommended Story: Options Trading

Get a free copy of the Zacks research report on Myomo (MYO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Myomo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myomo and related companies with MarketBeat.com's FREE daily email newsletter.