Myokardia (NASDAQ:MYOK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.
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. “
Other research analysts have also recently issued reports about the company. BidaskClub raised Myokardia from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st. ValuEngine raised Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 5th. TheStreet raised Myokardia from a “d+” rating to a “c-” rating in a research report on Thursday, April 4th. BMO Capital Markets raised their target price on Myokardia to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $90.00 target price on shares of Myokardia in a research report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $74.70.
Myokardia stock opened at $48.53 on Wednesday. Myokardia has a one year low of $39.01 and a one year high of $67.79.
Myokardia (NASDAQ:MYOK) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.28). Myokardia had a negative net margin of 201.81% and a negative return on equity of 19.98%. Analysts anticipate that Myokardia will post -3.35 earnings per share for the current year.
In other Myokardia news, CFO Taylor C. Harris sold 1,324 shares of the firm’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $53.30, for a total value of $70,569.20. Following the transaction, the chief financial officer now directly owns 3,750 shares of the company’s stock, valued at $199,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.70% of the company’s stock.
Large investors have recently made changes to their positions in the business. Advisor Group Inc. raised its stake in shares of Myokardia by 172.0% in the fourth quarter. Advisor Group Inc. now owns 514 shares of the biotechnology company’s stock worth $25,000 after buying an additional 325 shares during the period. Bank of Montreal Can raised its stake in shares of Myokardia by 71.2% in the fourth quarter. Bank of Montreal Can now owns 553 shares of the biotechnology company’s stock worth $27,000 after buying an additional 230 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Myokardia by 309.1% in the first quarter. Meeder Asset Management Inc. now owns 540 shares of the biotechnology company’s stock worth $28,000 after buying an additional 408 shares during the period. Group One Trading L.P. bought a new position in shares of Myokardia in the fourth quarter worth about $31,000. Finally, Great West Life Assurance Co. Can raised its stake in shares of Myokardia by 27.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 4,188 shares of the biotechnology company’s stock worth $197,000 after buying an additional 912 shares during the period. 79.88% of the stock is currently owned by institutional investors and hedge funds.
Myokardia Company Profile
MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes targeted therapies for the treatment of serious and neglected rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which is in Phase III clinical trial that is designed to reduce left ventricular contractility to alleviate the functional consequences and symptoms of obstructive hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression, as well as in Phase II clinical trial for non-obstructive HCM.
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