Wall Street analysts forecast that Myokardia Inc (NASDAQ:MYOK) will report earnings per share of ($0.50) for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Myokardia’s earnings, with the highest EPS estimate coming in at ($0.33) and the lowest estimate coming in at ($0.69). Myokardia reported earnings per share of ($0.42) in the same quarter last year, which would suggest a negative year-over-year growth rate of 19%. The business is scheduled to report its next earnings report on Thursday, November 1st.
On average, analysts expect that Myokardia will report full-year earnings of ($2.03) per share for the current fiscal year, with EPS estimates ranging from ($2.52) to ($1.65). For the next fiscal year, analysts expect that the company will report earnings of ($3.12) per share, with EPS estimates ranging from ($5.99) to ($1.28). Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Myokardia.
Myokardia (NASDAQ:MYOK) last announced its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.01. The business had revenue of $6.64 million for the quarter, compared to analysts’ expectations of $6.32 million. Myokardia had a negative return on equity of 21.16% and a negative net margin of 249.22%.
MYOK has been the topic of a number of research reports. BidaskClub upgraded Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 27th. Morgan Stanley initiated coverage on Myokardia in a research report on Monday, September 10th. They set an “overweight” rating and a $72.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Myokardia from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Friday, August 10th. Zacks Investment Research cut Myokardia from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Finally, Bank of America initiated coverage on Myokardia in a research report on Tuesday, July 10th. They set a “buy” rating and a $71.00 price target on the stock. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $74.64.
In related news, insider Jake Bauer sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $56.88, for a total value of $426,600.00. Following the sale, the insider now directly owns 68,106 shares in the company, valued at approximately $3,873,869.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Anastasios Gianakakos sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $58.19, for a total value of $174,570.00. Following the completion of the sale, the insider now owns 77,949 shares in the company, valued at $4,535,852.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,500 shares of company stock worth $3,946,070. 4.70% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MYOK. Northern Trust Corp increased its position in shares of Myokardia by 56.1% during the 2nd quarter. Northern Trust Corp now owns 376,539 shares of the biotechnology company’s stock valued at $18,695,000 after purchasing an additional 135,364 shares during the period. Bank of New York Mellon Corp increased its position in shares of Myokardia by 22.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 130,518 shares of the biotechnology company’s stock valued at $6,480,000 after purchasing an additional 24,290 shares during the period. Casdin Capital LLC increased its position in shares of Myokardia by 39.3% during the 2nd quarter. Casdin Capital LLC now owns 780,000 shares of the biotechnology company’s stock valued at $38,727,000 after purchasing an additional 220,000 shares during the period. Cowen Inc. increased its position in shares of Myokardia by 565.1% during the 2nd quarter. Cowen Inc. now owns 20,000 shares of the biotechnology company’s stock valued at $993,000 after purchasing an additional 24,300 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of Myokardia by 60.8% during the 2nd quarter. California Public Employees Retirement System now owns 7,969 shares of the biotechnology company’s stock valued at $396,000 after purchasing an additional 3,013 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.
Shares of Myokardia stock traded up $2.41 on Friday, reaching $52.95. 377,611 shares of the company were exchanged, compared to its average volume of 367,621. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -37.82 and a beta of 3.40. Myokardia has a 1-year low of $32.80 and a 1-year high of $67.79.
MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which has completed Phase II clinical trial that is designed to reduce left ventricular contractility to potentially alleviate the functional consequences and symptoms of hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression.
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