Myomo price target lowered to $1.60 from $3.60 at Alliance Global Partners

Alliance Global Partners analyst Ben Haynor lowered the firm’s price target on Myomo to $1.60 from $3.60 and keeps a Buy rating on the shares. In the past two weeks, Myomo raised $6.5M in an offering of common stock and equivalents and announced a 12% reduction in its workforce, the analyst tells investors in a research note. The reduction in the target is driven by the increase in share count as a result of the company’s recent equity offering.