Schwab Charles Investment Management Inc. Acquires 13,866 Shares of MyoKardia, Inc. (MYOK)

Schwab Charles Investment Management Inc. grew its holdings in MyoKardia, Inc. (NASDAQ:MYOK) by 31.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,546 shares of the biotechnology company’s stock after purchasing an additional 13,866 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.18% of MyoKardia worth $754,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MYOK. Bank of New York Mellon Corp boosted its stake in shares of MyoKardia by 17.6% in the 1st quarter. Bank of New York Mellon Corp now owns 56,605 shares of the biotechnology company’s stock valued at $744,000 after purchasing an additional 8,469 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of MyoKardia by 37.6% in the 1st quarter. JPMorgan Chase & Co. now owns 234,167 shares of the biotechnology company’s stock valued at $3,080,000 after purchasing an additional 64,017 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of MyoKardia by 8.9% in the 1st quarter. Vanguard Group Inc. now owns 686,119 shares of the biotechnology company’s stock valued at $9,022,000 after purchasing an additional 55,927 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of MyoKardia by 10.7% in the 1st quarter. Geode Capital Management LLC now owns 134,730 shares of the biotechnology company’s stock valued at $1,771,000 after purchasing an additional 13,057 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of MyoKardia in the 1st quarter valued at about $136,000. 43.72% of the stock is currently owned by institutional investors.

MyoKardia (NASDAQ:MYOK) last announced its earnings results on Monday, August 7th. The biotechnology company reported ($0.41) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.04). MyoKardia had a negative net margin of 44.65% and a negative return on equity of 16.35%. The company had revenue of $5.60 million during the quarter, compared to the consensus estimate of $6.73 million. During the same quarter in the previous year, the company earned ($0.37) earnings per share. The business’s revenue was up 60.0% on a year-over-year basis.

Several brokerages have recently issued reports on MYOK. ValuEngine raised shares of MyoKardia from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. BMO Capital Markets reaffirmed a “buy” rating and issued a $45.00 target price (up previously from $32.00) on shares of MyoKardia in a research note on Tuesday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $51.00 target price on shares of MyoKardia in a research note on Wednesday, September 20th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $48.00 target price (up previously from $31.00) on shares of MyoKardia in a research note on Monday, August 7th. Finally, Cowen and Company raised their target price on shares of MyoKardia from $28.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $55.00.

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In related news, insider Jake Bauer sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $28.33, for a total value of $424,950.00. Following the sale, the insider now directly owns 75,545 shares in the company, valued at $2,140,189.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anastasios Gianakakos sold 4,300 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $16.62, for a total value of $71,466.00. Following the completion of the sale, the chief executive officer now owns 512,463 shares in the company, valued at $8,517,135.06. The disclosure for this sale can be found here. Insiders sold 1,753,513 shares of company stock worth $73,876,995 over the last quarter. 33.40% of the stock is currently owned by company insiders.

About MyoKardia

MyoKardia, Inc is a clinical-stage biopharmaceutical company. The Company focuses on the treatment of heritable cardiomyopathies, a group of rare, genetically-driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. The Company is engaged in the business of developing and commercializing therapeutics.

Institutional Ownership by Quarter for MyoKardia (NASDAQ:MYOK)

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