Myokardia Inc (MYOK) Receives $76.70 Average Price Target from Brokerages

Myokardia Inc (NASDAQ:MYOK) has received an average rating of “Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $76.70.

MYOK has been the topic of a number of research analyst reports. BidaskClub raised shares of Myokardia from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 27th. Morgan Stanley initiated coverage on shares of Myokardia in a report on Monday, September 10th. They issued an “overweight” rating and a $72.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of Myokardia from $80.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, August 10th. Zacks Investment Research downgraded shares of Myokardia from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Finally, Cantor Fitzgerald began coverage on shares of Myokardia in a report on Monday, October 1st. They issued an “overweight” rating and a $90.00 price target on the stock.

In other Myokardia news, insider Jake Bauer sold 978 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $55.45, for a total transaction of $54,230.10. Following the sale, the insider now directly owns 60,878 shares of the company’s stock, valued at $3,375,685.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Marc Semigran sold 45,000 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $59.53, for a total transaction of $2,678,850.00. Following the sale, the insider now directly owns 41,400 shares in the company, valued at $2,464,542. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,978 shares of company stock worth $3,571,000. Insiders own 33.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MYOK. Prudential Financial Inc. bought a new stake in shares of Myokardia during the third quarter valued at about $205,000. Great West Life Assurance Co. Can increased its position in shares of 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 valued at $163,000 after buying an additional 1,576 shares during the period. SG Americas Securities LLC bought a new stake in shares of Myokardia during the second quarter valued at about $191,000. Amalgamated Bank bought a new stake in shares of Myokardia during the second quarter valued at about $231,000. Finally, Public Employees Retirement Association of Colorado bought a new stake in shares of Myokardia during the third quarter valued at about $319,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:MYOK opened at $56.21 on Monday. The stock has a market capitalization of $2.27 billion, a P/E ratio of -40.15 and a beta of 3.42. Myokardia has a fifty-two week low of $32.80 and a fifty-two week high of $67.79.

Myokardia (NASDAQ:MYOK) last issued its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.50) by $0.01. The company had revenue of $6.64 million for the quarter, compared to the consensus estimate of $6.32 million. Myokardia had a negative net margin of 249.22% and a negative return on equity of 21.16%. As a group, analysts predict that Myokardia will post -2.03 earnings per share for the current fiscal year.

Myokardia Company Profile

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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Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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