265,000 Shares in Myokardia Inc (MYOK) Purchased by VHCP Management II LLC
VHCP Management II LLC acquired a new position in Myokardia Inc (NASDAQ:MYOK) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 265,000 shares of the biotechnology company’s stock, valued at approximately $11,355,000. Myokardia makes up 3.1% of VHCP Management II LLC’s investment portfolio, making the stock its 10th biggest holding. VHCP Management II LLC owned 0.74% of Myokardia at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Nationwide Fund Advisors boosted its holdings in Myokardia by 36.3% during the 2nd quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after acquiring an additional 2,591 shares during the period. Alliancebernstein L.P. purchased a new stake in Myokardia during the 2nd quarter valued at about $148,000. State of Wisconsin Investment Board purchased a new stake in Myokardia during the 2nd quarter valued at about $157,000. The Manufacturers Life Insurance Company boosted its holdings in Myokardia by 38.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock valued at $198,000 after acquiring an additional 4,215 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Myokardia during the 3rd quarter valued at about $202,000. Hedge funds and other institutional investors own 63.61% of the company’s stock.
In other Myokardia news, CEO Anastasios Gianakakos sold 4,300 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $40.23, for a total value of $172,989.00. Following the completion of the sale, the chief executive officer now owns 513,417 shares in the company, valued at approximately $20,654,765.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kevin P. Starr sold 601,400 shares of the stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $43.00, for a total value of $25,860,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,709,213 shares of company stock valued at $72,493,582. Company insiders own 33.40% of the company’s stock.
Shares of Myokardia Inc (NASDAQ:MYOK) opened at $36.40 on Tuesday. Myokardia Inc has a fifty-two week low of $10.55 and a fifty-two week high of $49.55.
Myokardia (NASDAQ:MYOK) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share for the quarter, hitting the consensus estimate of ($0.42). Myokardia had a negative return on equity of 14.92% and a negative net margin of 53.49%. The business had revenue of $5.63 million during the quarter, compared to analysts’ expectations of $6.10 million. During the same quarter last year, the business posted ($0.35) EPS. The business’s revenue was up 58.6% on a year-over-year basis. sell-side analysts predict that Myokardia Inc will post -1.62 EPS for the current fiscal year.
Several equities research analysts recently weighed in on the company. BMO Capital Markets restated a “buy” rating and set a $45.00 target price (up from $32.00) on shares of Myokardia in a report on Tuesday, August 8th. Wells Fargo & Company restated an “outperform” rating and set a $48.00 target price (up from $31.00) on shares of Myokardia in a report on Monday, August 7th. Zacks Investment Research upgraded Myokardia from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Cowen increased their target price on Myokardia from $28.00 to $56.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Finally, ValuEngine cut Myokardia from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Myokardia presently has a consensus rating of “Buy” and an average price target of $55.00.
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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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