Partner Fund Management L.P. grew its stake in shares of Myokardia Inc (NASDAQ:MYOK) by 3.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,878,909 shares of the biotechnology company’s stock after purchasing an additional 59,594 shares during the quarter. Myokardia makes up approximately 1.8% of Partner Fund Management L.P.’s investment portfolio, making the stock its 14th largest position. Partner Fund Management L.P. owned approximately 4.67% of Myokardia worth $122,505,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Great West Life Assurance Co. Can boosted its stake in shares of Myokardia by 92.7% during the second quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock valued at $163,000 after purchasing an additional 1,576 shares during the period. SG Americas Securities LLC purchased a new stake in Myokardia in the second quarter worth about $191,000. Prudential Financial Inc. purchased a new stake in Myokardia in the third quarter worth about $205,000. Amalgamated Bank purchased a new stake in Myokardia in the second quarter worth about $231,000. Finally, Legal & General Group Plc lifted its stake in Myokardia by 36.0% in the second quarter. Legal & General Group Plc now owns 4,961 shares of the biotechnology company’s stock worth $247,000 after acquiring an additional 1,312 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.
In other Myokardia news, insider Jake Bauer sold 978 shares of the business’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $55.45, for a total value of $54,230.10. Following the completion of the transaction, the insider now directly owns 60,878 shares in the company, valued at $3,375,685.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider June Lee sold 5,000 shares of the business’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $63.13, for a total transaction of $315,650.00. Following the completion of the transaction, the insider now owns 5,426 shares of the company’s stock, valued at $342,543.38. The disclosure for this sale can be found here. Insiders sold 11,978 shares of company stock valued at $714,160 over the last quarter. 4.70% of the stock is currently owned by corporate insiders.
Shares of Myokardia stock opened at $58.07 on Wednesday. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -41.48 and a beta of 3.44. Myokardia Inc has a one year low of $32.80 and a one year high of $67.79.
A number of research firms recently weighed in on MYOK. Wedbush reaffirmed an “outperform” rating and issued a $64.00 price objective (down from $77.00) on shares of Myokardia in a research note on Thursday, August 9th. BidaskClub raised shares of Myokardia from a “hold” rating to a “buy” rating in a research note on Wednesday, October 17th. Zacks Investment Research raised shares of Myokardia from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. JPMorgan Chase & Co. boosted their target price on shares of Myokardia from $80.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, August 10th. Finally, Morgan Stanley initiated coverage on shares of Myokardia in a report on Monday, September 10th. They issued an “overweight” rating and a $72.00 target price for the company. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $76.64.
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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.
Further Reading: Asset Allocation
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