Myokardia (MYOK) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Myokardia (NASDAQ:MYOK) from a sell rating to a hold rating in a research note published on Tuesday.
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 research firms have also recently issued reports on MYOK. BidaskClub cut Myokardia from a hold rating to a sell rating in a report on Saturday, May 12th. ValuEngine upgraded Myokardia from a hold rating to a buy rating in a report on Saturday, June 2nd. Credit Suisse Group upped their target price on Myokardia from $70.00 to $73.00 and gave the stock an outperform rating in a report on Thursday, August 9th. Bank of America assumed coverage on Myokardia in a report on Tuesday, July 10th. They issued a buy rating and a $71.00 target price for the company. Finally, Cowen reiterated a buy rating and issued a $73.00 target price on shares of Myokardia in a report on Tuesday, May 22nd. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Myokardia currently has an average rating of Buy and a consensus target price of $71.13.
Myokardia (NASDAQ:MYOK) last posted its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.01. Myokardia had a negative return on equity of 21.16% and a negative net margin of 249.22%. The company had revenue of $6.64 million during the quarter, compared to analysts’ expectations of $6.32 million. equities analysts expect 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 on Friday, May 25th. The stock was 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 filing with the SEC, which is available at the SEC website. Also, insider Anastasios Gianakakos sold 3,000 shares of the business’s stock in a transaction on Thursday, July 5th. The stock was sold at an average price of $53.13, for a total value of $159,390.00. Following the completion of the transaction, the insider now directly owns 77,949 shares of the company’s stock, valued at $4,141,430.37. The disclosure for this sale can be found here. Insiders sold a total of 16,500 shares of company stock valued at $899,250 over the last quarter. Company insiders own 4.70% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cowen Inc. raised its position in shares of Myokardia by 565.1% in the 2nd quarter. Cowen Inc. now owns 20,000 shares of the biotechnology company’s stock worth $993,000 after acquiring an additional 24,300 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Myokardia by 60.8% in the 2nd quarter. California Public Employees Retirement System now owns 7,969 shares of the biotechnology company’s stock worth $396,000 after acquiring an additional 3,013 shares in the last quarter. Millennium Management LLC raised its position in shares of Myokardia by 120.9% in the 2nd quarter. Millennium Management LLC now owns 477,857 shares of the biotechnology company’s stock worth $23,726,000 after acquiring an additional 261,532 shares in the last quarter. Partner Fund Management L.P. raised its position in shares of Myokardia by 91.5% in the 2nd quarter. Partner Fund Management L.P. now owns 1,819,315 shares of the biotechnology company’s stock worth $90,329,000 after acquiring an additional 869,404 shares in the last quarter. Finally, Partner Investment Management L.P. raised its position in shares of Myokardia by 77.0% in the 2nd quarter. Partner Investment Management L.P. now owns 22,431 shares of the biotechnology company’s stock worth $1,114,000 after acquiring an additional 9,760 shares in the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.
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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