Myokardia (MYOK) Price Target Raised to $73.00

Myokardia (NASDAQ:MYOK) had its target price increased by Credit Suisse Group from $70.00 to $73.00 in a research note released on Thursday morning. They currently have an outperform rating on the biotechnology company’s stock.

A number of other research analysts have also weighed in on MYOK. BidaskClub raised shares of Myokardia from a buy rating to a strong-buy rating in a research note on Thursday. Wedbush reaffirmed an outperform rating and issued a $64.00 price target (down previously from $77.00) on shares of Myokardia in a research note on Thursday. Zacks Investment Research lowered shares of Myokardia from a hold rating to a sell rating in a research note on Tuesday, July 24th. ValuEngine upgraded shares of Myokardia from a buy rating to a strong-buy rating in a report on Monday, July 2nd. Finally, Cowen reiterated a buy rating and issued a $73.00 price objective on shares of Myokardia in a report on Tuesday, May 22nd. One research analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $71.13.

Myokardia traded up $1.45, reaching $59.80, during trading on Thursday, according to Marketbeat. The company had a trading volume of 175,728 shares, compared to its average volume of 227,416. Myokardia has a 12 month low of $32.65 and a 12 month high of $63.00.

Myokardia (NASDAQ:MYOK) last announced its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.01. Myokardia had a negative net margin of 249.22% and a negative return on equity of 21.16%. The firm had revenue of $6.64 million for the quarter, compared to analyst estimates of $6.32 million. analysts anticipate that Myokardia will post -2.05 earnings per share for the current year.

In other news, major shareholder Sanofi bought 150,000 shares of the stock in a transaction that occurred on Friday, May 25th. The shares were acquired at an average cost of $49.00 per share, for a total transaction of $7,350,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jake Bauer sold 7,500 shares of the business’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $56.88, for a total transaction of $426,600.00. Following the transaction, the insider now owns 68,106 shares in the company, valued at $3,873,869.28. The disclosure for this sale can be found here. Insiders sold 16,500 shares of company stock worth $899,250 over the last quarter. 33.40% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MYOK. Great West Life Assurance Co. Can increased its holdings in 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 worth $163,000 after buying an additional 1,576 shares during the last quarter. SG Americas Securities LLC acquired a new position in Myokardia during the second quarter worth $191,000. Jane Street Group LLC acquired a new position in Myokardia during the fourth quarter worth $213,000. Amalgamated Bank acquired a new position in Myokardia during the second quarter worth $231,000. Finally, California Public Employees Retirement System acquired a new position in Myokardia during the first quarter worth $242,000. Institutional investors and hedge funds own 84.19% of the company’s stock.

About Myokardia

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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