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  • 11/07/2017 10:04:40

    Myomo's stock more than doubles on heavy volume after reporting big jump in revenue

    Shares of Myomo Inc. more than doubled in active midday trade Tuesday, to get back above its IPO price, after the medical-robotics maker reported results for its first full quarter as a public company. The stock was up 134% at $9.92, above its IPO price of $7.50. Volume topped 5 million shares, compared with the full-day average of about 82,000 shares. Late Monday, the company reported third-quarter revenue that rose 165% from a year ago to $489,000, as gross margin improved to 75% from 58%. The net loss of $1.26 million was slightly above last year's $1.21 million, but per-share losses narrowed to 21 cents from $1.09. The stock had closed its first day of trade at $7.40 on June 12, then rose to a high close of $19.31 on June 19, before tumbled to its lowest close of $2.57 on Oct. 24. Myomo made history by becoming the first company to list on a major exchange as a Reg A+ company, which allows the company to pitch its IPO to all investors, not just those with a minimum net worth or income. The stock has now gained 34% since June 12, while the Renaissance IPO ETF has gained 10% and the S&P 500 has tacked on 6.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

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