Myokardia Inc (MYOK) Given Consensus Recommendation of “Buy” by Brokerages

Myokardia Inc (NASDAQ:MYOK) has been assigned an average rating of “Buy” from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $54.83.

A number of research analysts have commented on MYOK shares. Zacks Investment Research downgraded shares of Myokardia from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $65.00 price objective (up previously from $45.00) on shares of Myokardia in a research report on Monday, August 21st. ValuEngine downgraded shares of Myokardia from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Credit Suisse Group restated an “outperform” rating and set a $55.00 price objective (up from $45.00) on shares of Myokardia in a research note on Tuesday, September 19th. Finally, Wedbush restated an “outperform” rating and set a $51.00 price objective on shares of Myokardia in a research note on Wednesday, September 20th.

In other Myokardia news, major shareholder Rock Ventures Ii L.P. Third sold 201,400 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $43.00, for a total value of $8,660,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anastasios Gianakakos sold 4,300 shares of the company’s stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $40.86, for a total transaction of $175,698.00. The disclosure for this sale can be found here. Insiders sold 1,286,713 shares of company stock valued at $55,102,695 in the last three months. 33.40% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. Nationwide Fund Advisors increased its stake in Myokardia by 36.3% in the second quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after purchasing an additional 2,591 shares during the last quarter. Alliancebernstein L.P. purchased a new position in shares of Myokardia during the second quarter worth approximately $148,000. State of Wisconsin Investment Board purchased a new position in shares of Myokardia during the second quarter worth approximately $157,000. The Manufacturers Life Insurance Company grew its position in shares of 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 last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Myokardia during the third quarter worth approximately $202,000. 63.61% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Myokardia (MYOK) traded up $1.35 during trading hours on Friday, hitting $38.60. 487,700 shares of the company’s stock were exchanged, compared to its average volume of 323,906. Myokardia has a 1-year low of $10.55 and a 1-year high of $49.55.

Myokardia (NASDAQ:MYOK) last released its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.42). Myokardia had a negative net margin of 53.49% and a negative return on equity of 14.92%. The firm had revenue of $5.63 million during the quarter, compared to analyst estimates of $6.10 million. During the same quarter last year, the business earned ($0.35) EPS. The business’s revenue was up 58.6% on a year-over-year basis. sell-side analysts anticipate that Myokardia will post -1.62 earnings per share for the current fiscal year.

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About Myokardia

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.

Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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