MyoKardia, Inc. (NASDAQ:MYOK) Announces Quarterly Earnings Results
MyoKardia, Inc. (NASDAQ:MYOK) released its quarterly earnings data on Monday. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by $0.04, Bloomberg Earnings reports. MyoKardia had a negative return on equity of 16.63% and a negative net margin of 44.65%. The business had revenue of $5.60 million for the quarter, compared to analysts’ expectations of $6.73 million. During the same quarter in the prior year, the firm earned ($0.37) earnings per share. MyoKardia’s quarterly revenue was up 60.0% compared to the same quarter last year.
MyoKardia (MYOK) traded up 3.18% during midday trading on Wednesday, reaching $37.35. 2,075,820 shares of the company’s stock traded hands. MyoKardia has a 52 week low of $10.55 and a 52 week high of $37.70. The company’s 50-day moving average price is $14.29 and its 200 day moving average price is $13.21. The stock’s market capitalization is $1.17 billion.
In related news, CEO Anastasios Gianakakos sold 4,300 shares of the firm’s 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 transaction, the chief executive officer now owns 512,463 shares of the company’s stock, valued at $8,517,135.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 46.10% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Highbridge Capital Management LLC acquired a new position in shares of MyoKardia during the first quarter valued at $136,000. State of Wisconsin Investment Board acquired a new position in shares of MyoKardia during the second quarter valued at $157,000. Daiwa SB Investments Ltd. acquired a new position in shares of MyoKardia during the first quarter valued at $170,000. Hershey Trust Co. raised its position in shares of MyoKardia by 116.4% in the first quarter. Hershey Trust Co. now owns 15,919 shares of the biotechnology company’s stock valued at $209,000 after buying an additional 8,562 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of MyoKardia by 45.4% in the second quarter. Rhumbline Advisers now owns 18,489 shares of the biotechnology company’s stock valued at $242,000 after buying an additional 5,773 shares during the last quarter. 47.74% of the stock is currently owned by hedge funds and other institutional investors.
MYOK has been the subject of several research reports. Zacks Investment Research downgraded shares of MyoKardia from a “hold” rating to a “sell” rating in a research note on Thursday, May 11th. TheStreet upgraded shares of MyoKardia from a “d+” rating to a “c” rating in a research note on Thursday, July 6th. BMO Capital Markets reiterated an “outperform” rating and set a $32.00 price objective on shares of MyoKardia in a research note on Wednesday, May 10th. Cowen and Company boosted their price objective on shares of MyoKardia from $28.00 to $56.00 in a research note on Monday. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $48.00 price objective (up from $31.00) on shares of MyoKardia in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $37.60.
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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