Zacks Investment Research downgraded shares of Myokardia (NASDAQ:MYOK) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “MyoKardia, Inc. is a biopharmaceutical company. The company focuses on discovering, developing, and commercializing therapies for the treatment of serious and neglected rare cardiovascular diseases. Its product candidate consists of MYK-461, a small molecule to reduce excessive cardiac muscle contractility leading to hypertrophic cardiomyopathy, DCM-1, treats heritable dilated cardiomyopathy by restoring normal contractility in the diseased DCM heart, HCM-2, a product candidate to reduce cardiac muscle contractility to normal levels in HCM patients and LUS-1, which is intended to counteract a muscle disruption that results in impaired relaxation of the heart, which are in different clinical trial. MyoKardia, Inc. is headquartered in San Francisco, California. “
Several other equities analysts have also recently weighed in on MYOK. Morgan Stanley initiated coverage on Myokardia in a research report on Monday, September 10th. They issued an overweight rating and a $72.00 price target for the company. BidaskClub upgraded Myokardia from a buy rating to a strong-buy rating in a research report on Thursday, September 27th. Citigroup initiated coverage on Myokardia in a research report on Friday, September 28th. They issued a buy rating and a $90.00 price target for the company. Cantor Fitzgerald initiated coverage on Myokardia in a research report on Monday, October 1st. They issued an overweight rating and a $90.00 price target for the company. Finally, Wedbush reiterated an outperform rating and issued a $77.00 price target on shares of Myokardia in a research report on Friday, November 9th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Myokardia currently has an average rating of Buy and an average price target of $74.64.
Shares of MYOK opened at $47.17 on Tuesday. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -33.69 and a beta of 3.32. Myokardia has a 1 year low of $39.16 and a 1 year high of $67.79.
Myokardia (NASDAQ:MYOK) last issued its earnings results on Wednesday, November 7th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.11. The firm had revenue of $9.19 million for the quarter, compared to analyst estimates of $7.57 million. Myokardia had a negative return on equity of 19.40% and a negative net margin of 222.07%. On average, equities research analysts predict that Myokardia will post -1.8 EPS for the current year.
In other Myokardia news, insider Jake Bauer sold 978 shares of Myokardia stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $55.45, for a total transaction of $54,230.10. Following the completion of the sale, the insider now owns 60,878 shares of the company’s stock, valued at $3,375,685.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Anastasios Gianakakos sold 3,000 shares of Myokardia stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $56.57, for a total value of $169,710.00. Following the sale, the insider now directly owns 75,087 shares of the company’s stock, valued at approximately $4,247,671.59. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,978 shares of company stock valued at $695,030. Corporate insiders own 4.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its stake in Myokardia by 3.4% during the third quarter. Rhumbline Advisers now owns 30,209 shares of the biotechnology company’s stock worth $1,970,000 after purchasing an additional 981 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Myokardia by 36.0% in the 2nd quarter. Legal & General Group Plc now owns 4,961 shares of the biotechnology company’s stock valued at $247,000 after acquiring an additional 1,312 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Myokardia by 92.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock valued at $163,000 after acquiring an additional 1,576 shares during the last quarter. American International Group Inc. lifted its stake in shares of Myokardia by 13.6% in the 3rd quarter. American International Group Inc. now owns 22,571 shares of the biotechnology company’s stock valued at $1,472,000 after acquiring an additional 2,699 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Myokardia by 33.3% in the 2nd quarter. Voya Investment Management LLC now owns 11,873 shares of the biotechnology company’s stock valued at $589,000 after acquiring an additional 2,964 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.
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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