Myokardia’s (MYOK) “Outperform” Rating Reaffirmed at Wedbush

Wedbush restated their outperform rating on shares of Myokardia (NASDAQ:MYOK) in a report released on Friday morning. The brokerage currently has a $77.00 price objective on the biotechnology company’s stock.

Several other equities research analysts have also recently commented on MYOK. Zacks Investment Research cut shares of Myokardia from a hold rating to a sell rating in a research report on Tuesday, July 24th. BidaskClub cut shares of Myokardia from a strong-buy rating to a buy rating in a research report on Tuesday, July 31st. Credit Suisse Group boosted their price target on shares of Myokardia from $70.00 to $73.00 and gave the stock an outperform rating in a research report on Thursday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Myokardia from $80.00 to $81.00 and gave the stock an overweight rating in a research report on Friday, August 10th. Finally, Morgan Stanley started coverage on shares of Myokardia in a research report on Monday, September 10th. They issued an overweight rating and a $72.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $75.82.

MYOK stock traded down $2.21 during trading on Friday, hitting $57.93. The company had a trading volume of 220,274 shares, compared to its average volume of 245,312. Myokardia has a fifty-two week low of $32.80 and a fifty-two week high of $67.79.

Myokardia (NASDAQ:MYOK) last issued its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.01. Myokardia had a negative net margin of 222.07% and a negative return on equity of 21.07%. The firm had revenue of $6.64 million for the quarter, compared to analysts’ expectations of $6.32 million. On average, analysts anticipate that Myokardia will post -2.03 EPS for the current fiscal year.

In other Myokardia news, CEO Anastasios Gianakakos sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $59.33, for a total transaction of $177,990.00. Following the sale, the chief executive officer now owns 77,949 shares in the company, valued at approximately $4,624,714.17. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Marc Semigran sold 45,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $59.53, for a total value of $2,678,850.00. Following the sale, the insider now owns 41,400 shares in the company, valued at approximately $2,464,542. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,978 shares of company stock worth $3,571,000. Corporate insiders own 33.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MYOK. Great West Life Assurance Co. Can raised its holdings in Myokardia by 92.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock worth $163,000 after buying an additional 1,576 shares during the period. SG Americas Securities LLC acquired a new position in shares of Myokardia in the 2nd quarter valued at about $191,000. Prudential Financial Inc. acquired a new position in shares of Myokardia in the 3rd quarter valued at about $205,000. Amalgamated Bank acquired a new position in shares of Myokardia in the 2nd quarter valued at about $231,000. Finally, California Public Employees Retirement System acquired a new position in shares of Myokardia in the 1st quarter valued at about $242,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

About Myokardia

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.

Featured Story: How analysts view the yield curve

Analyst Recommendations for Myokardia (NASDAQ:MYOK)

Receive News & Ratings for Myokardia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myokardia and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply