H.C. Wainwright initiated coverage of Myomo (NYSE MKT:MYO) with a “buy” rating and $12 price target. The stock closed at $6 on Sept. 29.
Myomo is a wearable robotics company targeting a largely unmet need in providing a solution for upper limb paralysis. The company is the only current provider of a robotic upper limb product line, combining sensor and motion technology, which can aid in restoring function for patients suffering from upper extremity paralysis, writes analyst Amit Dayal.
The company’s MyoPro offering is registered with FDA as a Class 2 device and recently obtained CE Mark approval for commercial sale in Europe.
“In our opinion, the recent pull back in the stock post its IPO driven enthusiasm has once again created an attractive entry point for investors,” Mr. Dayal said. “We believe the company’s current market cap of approximately $37-million does not accurately represent the growth opportunity ahead.”
He expects revenue to grow from $4-million in 2018 to more than $50-million in 2023, presenting a 66.5% CAGR.
