Nationwide Fund Advisors raised its position in shares of Myokardia Inc (NASDAQ:MYOK) by 608.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 68,928 shares of the biotechnology company’s stock after purchasing an additional 59,199 shares during the quarter. Nationwide Fund Advisors owned 0.22% of Myokardia worth $2,954,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Myokardia during the third quarter valued at approximately $745,000. California State Teachers Retirement System increased its position in Myokardia by 18.1% in the second quarter. California State Teachers Retirement System now owns 30,599 shares of the biotechnology company’s stock worth $401,000 after purchasing an additional 4,700 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Myokardia by 38.8% in the second quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock worth $198,000 after purchasing an additional 4,215 shares during the last quarter. State Street Corp increased its position in Myokardia by 17.4% in the second quarter. State Street Corp now owns 232,581 shares of the biotechnology company’s stock worth $3,048,000 after purchasing an additional 34,533 shares during the last quarter. Finally, Numeric Investors LLC bought a new position in Myokardia during the second quarter valued at $254,000. Hedge funds and other institutional investors own 63.61% of the company’s stock.
A number of research analysts have weighed in on the stock. BidaskClub cut shares of Myokardia from a “hold” rating to a “sell” rating in a research report on Wednesday, December 20th. Zacks Investment Research raised shares of Myokardia from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. ValuEngine lowered shares of Myokardia from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. JPMorgan Chase & Co. initiated coverage on shares of Myokardia in a research note on Tuesday, December 12th. They set an “overweight” rating and a $54.00 target price for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $51.00 price objective on shares of Myokardia in a research note on Wednesday, September 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Myokardia has a consensus rating of “Hold” and an average price target of $54.83.
Myokardia Inc (MYOK) traded up $1.15 on Thursday, hitting $49.60. 328,301 shares of the stock traded hands, compared to its average volume of 593,900. Myokardia Inc has a 12-month low of $10.55 and a 12-month high of $49.90. The firm has a market capitalization of $1,770.00 and a P/E ratio of -67.03.
Myokardia (NASDAQ:MYOK) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.42). Myokardia had a negative net margin of 53.49% and a negative return on equity of 14.92%. The company had revenue of $5.63 million for the quarter, compared to the consensus estimate of $6.10 million. During the same quarter in the prior year, the company earned ($0.35) EPS. Myokardia’s quarterly revenue was up 58.6% on a year-over-year basis. sell-side analysts forecast that Myokardia Inc will post -1.62 earnings per share for the current fiscal year.
In other Myokardia news, CEO Anastasios Gianakakos sold 4,300 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $40.23, for a total value of $172,989.00. Following the completion of the sale, the chief executive officer now directly owns 513,417 shares of the company’s stock, valued at approximately $20,654,765.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kevin P. Starr sold 816,326 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $42.00, for a total value of $34,285,692.00. The disclosure for this sale can be found here. Insiders have sold a total of 836,626 shares of company stock worth $35,146,501 in the last quarter. Insiders own 33.40% of the company’s stock.
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MyoKardia, Inc is a clinical-stage biopharmaceutical company. The Company focuses on the treatment of heritable cardiomyopathies, a group of rare, genetically-driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. The Company is engaged in the business of developing and commercializing therapeutics.
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