MyoKardia Inc. (MYOK) Trading 4.7% Higher After Insider Buying Activity
MyoKardia Inc. (NASDAQ:MYOK) shares were up 4.7% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $16.82 and last traded at $16.74, with a volume of 262,253 shares trading hands. The stock had previously closed at $15.99.
Specifically, major shareholder Sanofi bought 450,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were bought at an average cost of $15.00 per share, for a total transaction of $6,750,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 46.10% of the company’s stock.
A number of analysts have recently commented on MYOK shares. Wedbush reaffirmed an “outperform” rating and issued a $22.00 price target on shares of MyoKardia in a research note on Tuesday, August 9th. Zacks Investment Research cut MyoKardia from a “hold” rating to a “sell” rating in a research note on Friday, August 12th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of MyoKardia in a research note on Sunday, September 11th. BMO Capital Markets started coverage on MyoKardia in a research note on Wednesday, July 20th. They issued an “outperform” rating and a $28.00 price target for the company. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $20.00 price target (up from $16.00) on shares of MyoKardia in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. MyoKardia currently has a consensus rating of “Buy” and an average price target of $23.50.
The stock has a 50 day moving average price of $19.24 and a 200-day moving average price of $14.99. The firm’s market capitalization is $446.91 million.
MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.04. MyoKardia had a negative net margin of 222.21% and a negative return on equity of 62.91%. The firm had revenue of $3.55 million for the quarter, compared to analyst estimates of $3.55 million. MyoKardia’s revenue for the quarter was up .0% compared to the same quarter last year. Equities analysts anticipate that MyoKardia Inc. will post ($1.49) earnings per share for the current year.
Several hedge funds have recently made changes to their positions in MYOK. BlackRock Institutional Trust Company N.A. raised its stake in shares of MyoKardia by 4.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 34,386 shares of the company’s stock worth $368,000 after buying an additional 1,375 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of MyoKardia by 46.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 28,658 shares of the company’s stock worth $356,000 after buying an additional 9,152 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of MyoKardia by 84.7% in the second quarter. Bank of New York Mellon Corp now owns 21,503 shares of the company’s stock worth $267,000 after buying an additional 9,861 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of MyoKardia by 75.4% in the second quarter. California State Teachers Retirement System now owns 23,599 shares of the company’s stock worth $293,000 after buying an additional 10,148 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of MyoKardia by 19.8% in the first quarter. Geode Capital Management LLC now owns 63,701 shares of the company’s stock worth $682,000 after buying an additional 10,527 shares during the last quarter. 36.67% of the stock is currently owned by hedge funds and other institutional investors.
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 results from biomechanical defects in cardiac muscle contraction. It is engaged in the business of developing and commercializing therapeutics.
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