MyoKardia, Inc. (MYOK) Lowered to Sell at Zacks Investment Research
MyoKardia, Inc. (NASDAQ:MYOK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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 analysts also recently issued reports on the stock. Credit Suisse Group reissued an “outperform” rating and set a $55.00 price target (up from $45.00) on shares of MyoKardia in a report on Tuesday, September 19th. TheStreet raised shares of MyoKardia from a “d+” rating to a “c” rating in a report on Thursday, July 6th. BidaskClub raised shares of MyoKardia from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 5th. Cowen and Company increased their price target on shares of MyoKardia from $28.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $65.00 price target (up from $45.00) on shares of MyoKardia in a report on Monday, August 21st. One 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 stock. MyoKardia has a consensus rating of “Buy” and a consensus price target of $55.00.
MyoKardia (NASDAQ MYOK) opened at 41.05 on Wednesday. MyoKardia has a 52 week low of $10.55 and a 52 week high of $49.55. The stock’s market cap is $1.29 billion. The stock’s 50 day moving average is $43.60 and its 200 day moving average is $43.60.
MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.04). MyoKardia had a negative return on equity of 16.35% and a negative net margin of 44.65%. The firm had revenue of $5.60 million for the quarter, compared to analysts’ expectations of $6.73 million. During the same period last year, the company posted ($0.37) earnings per share. The business’s quarterly revenue was up 60.0% on a year-over-year basis. Analysts predict that MyoKardia will post ($1.63) EPS for the current year.
In other MyoKardia news, major shareholder Rock Ventures Ii L.P. Third sold 221,250 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $41.30, for a total transaction of $9,137,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sanofi acquired 350,000 shares of MyoKardia stock in a transaction on Monday, August 14th. The shares were bought at an average price of $35.50 per share, with a total value of $12,425,000.00. The disclosure for this purchase can be found here. Insiders have sold 1,786,501 shares of company stock valued at $74,371,815 over the last 90 days. 33.40% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Wells Fargo & Company MN raised its position in MyoKardia by 2.5% during the second quarter. Wells Fargo & Company MN now owns 18,539 shares of the biotechnology company’s stock worth $243,000 after acquiring an additional 455 shares during the period. Fiduciary Trust Co. raised its position in MyoKardia by 7.2% during the second quarter. Fiduciary Trust Co. now owns 30,612 shares of the biotechnology company’s stock worth $401,000 after acquiring an additional 2,058 shares during the period. Schwab Charles Investment Management Inc. raised its position in MyoKardia by 5.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 43,680 shares of the biotechnology company’s stock worth $575,000 after acquiring an additional 2,394 shares during the period. Nationwide Fund Advisors raised its position in MyoKardia by 36.3% during the second quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock worth $127,000 after acquiring an additional 2,591 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in MyoKardia by 38.8% during the second quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock worth $198,000 after acquiring an additional 4,215 shares during the period. Institutional investors own 42.94% of the company’s stock.
MyoKardia Company Profile
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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