BMO Capital Markets Reaffirms Buy Rating for MyoKardia, Inc. (MYOK)
MyoKardia, Inc. (NASDAQ:MYOK)‘s stock had its “buy” rating reissued by investment analysts at BMO Capital Markets in a research report issued on Tuesday. They presently have a $45.00 target price on the biotechnology company’s stock. BMO Capital Markets’ target price points to a potential upside of 24.31% from the company’s current price.
A number of other analysts have also 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 reissued an “outperform” rating and set a $48.00 target price (up from $31.00) on shares of MyoKardia in a research note on Monday. TheStreet raised shares of MyoKardia from a “d+” rating to a “c” rating in a research note on Thursday, July 6th. Cowen and Company upped their price target on shares of MyoKardia from $28.00 to $56.00 in a research report on Monday. Finally, Zacks Investment Research downgraded shares of MyoKardia from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $37.60.
Shares of MyoKardia (NASDAQ:MYOK) traded up 15.10% during trading on Tuesday, hitting $36.20. The company’s stock had a trading volume of 3,700,943 shares. The company’s market cap is $1.14 billion. MyoKardia has a 52 week low of $10.55 and a 52 week high of $36.75. The firm’s 50 day moving average price is $14.29 and its 200-day moving average price is $13.21.
MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $6.73 million. During the same period in the prior year, the company earned ($0.37) EPS. MyoKardia’s quarterly revenue was up 60.0% on a year-over-year basis. On average, analysts predict that MyoKardia will post ($1.63) earnings per share for the current year.
In related news, insider Anastasios Gianakakos sold 32,988 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $15.00, for a total transaction of $494,820.00. Following the completion of the sale, the insider now owns 541,151 shares in the company, valued at approximately $8,117,265. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 46.10% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Highbridge Capital Management LLC bought a new stake in MyoKardia during the first quarter valued at $136,000. Trexquant Investment LP boosted its stake in shares of 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 in the last quarter. Norges Bank acquired a new stake in shares of MyoKardia during the fourth quarter valued at approximately $869,000. Point72 Asset Management L.P. acquired a new stake in shares of MyoKardia during the first quarter valued at approximately $1,546,000. Finally, 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. Hedge funds and other 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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