Cowen and Company Boosts MyoKardia, Inc. (NASDAQ:MYOK) Price Target to $56.00
MyoKardia, Inc. (NASDAQ:MYOK) had its price target hoisted by equities researchers at Cowen and Company from $28.00 to $56.00 in a note issued to investors on Monday. Cowen and Company’s target price indicates a potential upside of 78.06% from the company’s previous close.
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of MyoKardia from a “sell” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $48.00 target price (up from $31.00) on shares of MyoKardia in a research note on Monday. BidaskClub raised shares of MyoKardia from a “buy” rating to a “strong-buy” rating in a research note on Saturday. TheStreet raised shares of MyoKardia from a “d+” rating to a “c” rating in a research note on Thursday, July 6th. Finally, Zacks Investment Research downgraded shares of MyoKardia from a “hold” rating to a “sell” rating in a research note on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. MyoKardia has an average rating of “Buy” and an average target price of $35.00.
MyoKardia (NASDAQ MYOK) traded up 83.38% on Monday, hitting $31.45. 8,757,035 shares of the stock traded hands. MyoKardia has a 12-month low of $10.55 and a 12-month high of $32.30. The stock’s market cap is $989.26 million. The stock has a 50-day moving average price of $14.02 and a 200 day moving average price of $13.13.
MyoKardia (NASDAQ:MYOK) last announced its earnings results on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by $0.04. MyoKardia had a negative return on equity of 15.27% and a negative net margin of 39.44%. The company had revenue of $5.60 million during the quarter, compared to the consensus estimate of $6.73 million. During the same period in the prior year, the firm posted ($0.37) earnings per share. The company’s revenue was up 60.0% on a year-over-year basis. On average, equities analysts expect that MyoKardia will post ($1.54) EPS for the current fiscal year.
In other news, CEO Anastasios Gianakakos sold 4,300 shares of MyoKardia stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $16.62, for a total transaction of $71,466.00. Following the completion of the sale, the chief executive officer now owns 512,463 shares in the company, valued at approximately $8,517,135.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 46.10% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of MyoKardia by 12.5% in the first quarter. Wellington Management Group LLP now owns 3,154,734 shares of the biotechnology company’s stock valued at $41,485,000 after buying an additional 349,768 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in shares of MyoKardia during the first quarter valued at approximately $1,577,000. Marshall Wace North America L.P. acquired a new stake in shares of MyoKardia during the first quarter valued at approximately $1,577,000. Point72 Asset Management L.P. acquired a new stake in shares of MyoKardia during the first quarter valued at approximately $1,546,000. Finally, TFS Capital LLC acquired a new stake in shares of MyoKardia during the first quarter valued at approximately $934,000. Institutional investors own 47.74% of the company’s stock.
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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