MyoKardia, Inc. (NASDAQ:MYOK) Given New $56.00 Price Target at Cowen and Company
MyoKardia, Inc. (NASDAQ:MYOK) had its target price upped by equities researchers at Cowen and Company from $28.00 to $56.00 in a research report issued on Monday. Cowen and Company’s target price would indicate a potential upside of 78.06% from the company’s current price.
MYOK has been the subject of several other research reports. BidaskClub raised shares of MyoKardia from a “buy” rating to a “strong-buy” rating in a research note on Saturday. TheStreet cut shares of MyoKardia from a “c-” rating to a “d+” rating in a research note on Friday, May 19th. Zacks Investment Research cut shares of MyoKardia from a “hold” rating to a “sell” rating in a research note on Thursday, May 11th. BMO Capital Markets reissued an “outperform” rating and issued a $32.00 price target on shares of MyoKardia in a research note on Wednesday, May 10th. Finally, ValuEngine raised shares of MyoKardia from a “sell” rating to a “hold” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. MyoKardia has a consensus rating of “Buy” and an average price target of $35.00.
MyoKardia (NASDAQ MYOK) traded up 83.38% on Monday, reaching $31.45. The company had a trading volume of 8,757,035 shares. The firm’s market capitalization is $989.26 million. MyoKardia has a 1-year low of $10.55 and a 1-year high of $32.30. The company’s 50-day moving average price is $14.02 and its 200 day moving average price is $13.13.
MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by $0.04. MyoKardia had a negative net margin of 39.44% and a negative return on equity of 15.27%. The business had revenue of $5.60 million for the quarter, compared to analysts’ expectations of $6.73 million. During the same period in the prior year, the company posted ($0.37) EPS. The firm’s revenue was up 60.0% on a year-over-year basis. On average, equities analysts forecast that MyoKardia will post ($1.54) EPS for the current year.
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In other news, CEO Anastasios Gianakakos sold 4,300 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $16.62, for a total value of $71,466.00. Following the completion of the sale, the chief executive officer now owns 512,463 shares of the company’s stock, valued at approximately $8,517,135.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 46.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of MYOK. Highbridge Capital Management LLC purchased a new stake in MyoKardia during the first quarter valued at $136,000. Casdin Capital LLC purchased a new stake in MyoKardia during the fourth quarter valued at $5,921,000. Trexquant Investment LP boosted its stake in MyoKardia by 134.5% in the first quarter. Trexquant Investment LP now owns 37,987 shares of the biotechnology company’s stock valued at $500,000 after buying an additional 21,787 shares during the period. A.R.T. Advisors LLC purchased a new stake in MyoKardia during the fourth quarter valued at $148,000. Finally, Bank of New York Mellon Corp boosted its stake in MyoKardia by 84.7% in the second quarter. Bank of New York Mellon Corp now owns 21,503 shares of the biotechnology company’s stock valued at $267,000 after buying an additional 9,861 shares during the period. 47.74% of the stock is owned by institutional investors and hedge funds.
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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