Myomo: In '10 Best Robotic Stocks Under $10'

 

 Myomo, Inc. (NYSE:MYO)

Number of Hedge Fund Holders: 2

Myomo, Inc. (NYSE:MYO) is a Boston, Massachusetts-based medical robotics company known for providing increased mobility for those suffering from neurological disorders and upper-limb paralysis. The company has developed and patented arm braces to restore function in paralyzed or weakened arms.

In a research note issued on September 28, Ben Haynor at Alliance Global Partners assigned Myomo, Inc. (NYSE:MYO) stock a target price of $6 along with a Buy rating. Myomo, Inc. (NYSE:MYO) has requested the Centers for Medicare & Medicaid Services (CMS) to re-categorize the MyoPro as a brace as opposed to durable medical equipment. The change in category will surely benefit Myomo, Inc. (NYSE:MYO) as it will make their proprietary braces more mainstream. Furthermore, insurers reimburse the cost of durable medical equipment on a rental basis, while the cost of a brace is reimbursed on a lump-sum basis.

Myomo, Inc. (NYSE:MYO) is considered one of the best robotic stocks under $10 due to improving business fundamentals. During Q3, the company experienced exceptional growth, with 419 patients entering the reimbursement process. By adding more than 1,200 candidates in 2022, Myomo, Inc. (NYSE:MYO) reached a record-high number of medically certified patients interested in using MyoPro to restore action in their immobile arms.

While Myomo, Inc. (NYSE:MYO) is one of the best penny stocks in the robotics industry, stocks like International Business Machines Corporation (NYSE:IBM), Stryker Corporation (NYSE:SYK), and Rockwell Automation (NYSE:ROK) are among the leading players in the industry.

https://finance.yahoo.com/news/10-best-robotic-stocks-under-200440904.html