Myokardia (NASDAQ:MYOK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
A number of other analysts also recently weighed in on the stock. Cowen reaffirmed a “buy” rating and set a $56.00 price target on shares of Myokardia in a report on Friday, March 9th. BMO Capital Markets upped their price target on shares of Myokardia from $65.00 to $83.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. Credit Suisse Group upped their price target on shares of Myokardia from $60.00 to $68.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. Wedbush upped their price target on shares of Myokardia from $51.00 to $69.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. Finally, BidaskClub downgraded shares of Myokardia from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Myokardia has a consensus rating of “Buy” and an average target price of $62.43.
Myokardia (NASDAQ:MYOK) last issued its quarterly earnings results on Thursday, March 8th. The biotechnology company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.20. Myokardia had a negative net margin of 204.48% and a negative return on equity of 24.58%. The company had revenue of $5.60 million during the quarter, compared to the consensus estimate of $5.63 million. equities analysts predict that Myokardia will post -2 earnings per share for the current year.
In related news, insider Anastasios Gianakakos sold 3,000 shares of the stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $41.09, for a total value of $123,270.00. Following the completion of the transaction, the insider now owns 512,117 shares of the company’s stock, valued at approximately $21,042,887.53. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kevin P. Starr sold 816,326 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $42.00, for a total transaction of $34,285,692.00. The disclosure for this sale can be found here. In the last three months, insiders sold 848,326 shares of company stock valued at $35,859,872. 33.40% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. Nationwide Fund Advisors lifted its stake in Myokardia by 36.3% in the 2nd quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after purchasing an additional 2,591 shares during the last quarter. Alliancebernstein L.P. bought a new position in Myokardia in the 2nd quarter valued at approximately $148,000. SG Americas Securities LLC bought a new position in Myokardia in the 4th quarter valued at approximately $185,000. The Manufacturers Life Insurance Company lifted its stake in Myokardia by 38.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock valued at $198,000 after purchasing an additional 4,215 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Myokardia in the 3rd quarter valued at approximately $202,000. 83.91% of the stock is owned by institutional investors and hedge funds.
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Myokardia Company Profile
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.
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