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

Myomo Inc (NYSEAMERICAN:MYO) shares 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.

Other research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Myomo from a “buy” rating to a “hold” rating in a research report on Tuesday. Dougherty & Co started coverage on shares of Myomo in a research report on Wednesday, May 27th. They set a “buy” rating and a $8.50 price objective on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Myomo has a consensus rating of “Buy” and a consensus price target of $8.94.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Myomo in the second quarter valued at about $111,000. Fifth Third Bancorp lifted its stake in shares of 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. Finally, Sabby Management LLC acquired a new stake in shares of Myomo in the first quarter valued at about $184,000.

Myomo (NYSEAMERICAN:MYO) last announced its quarterly earnings data on Monday, August 10th. The company reported ($1.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.31) by $0.19.

About Myomo (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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