MyoKardia (MYOK) Downgraded to Sell at ValuEngine
ValuEngine lowered shares of MyoKardia (NASDAQ:MYOK) from a hold rating to a sell rating in a research report sent to investors on Friday.
Several other brokerages also recently issued reports on MYOK. Wedbush reissued an outperform rating and set a $51.00 price target on shares of MyoKardia in a report on Wednesday, September 20th. Credit Suisse Group reaffirmed an outperform rating and issued a $55.00 price objective (up previously from $45.00) on shares of MyoKardia in a report on Tuesday, September 19th. Zacks Investment Research downgraded shares of MyoKardia from a hold rating to a sell rating in a report on Wednesday, October 11th. TheStreet downgraded shares of MyoKardia from a c rating to a d+ rating in a report on Friday, November 3rd. Finally, BMO Capital Markets reissued an outperform rating and issued a $65.00 price target (up from $45.00) on shares of MyoKardia in a report on Monday, August 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $55.00.
Shares of MyoKardia (NASDAQ:MYOK) traded up $1.40 on Friday, hitting $38.15. 281,653 shares of the stock traded hands, compared to its average volume of 316,332. MyoKardia has a 52 week low of $10.55 and a 52 week high of $49.55.
MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.42). MyoKardia had a negative net margin of 53.49% and a negative return on equity of 14.92%. The company had revenue of $5.63 million during the quarter, compared to the consensus estimate of $6.10 million. During the same quarter in the previous year, the company posted ($0.35) earnings per share. The company’s revenue for the quarter was up 58.6% compared to the same quarter last year. sell-side analysts expect that MyoKardia will post -1.62 EPS for the current year.
In other MyoKardia news, Director Kevin P. Starr sold 601,400 shares of the business’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $43.00, for a total transaction of $25,860,200.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Anastasios Gianakakos sold 4,300 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $43.02, for a total value of $184,986.00. Following the sale, the insider now owns 512,463 shares in the company, valued at approximately $22,046,158.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,713,513 shares of company stock worth $72,678,568. Corporate insiders own 33.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MYOK. Wells Fargo & Company MN increased its holdings in MyoKardia by 2,151.7% in the third quarter. Wells Fargo & Company MN now owns 417,439 shares of the biotechnology company’s stock worth $17,887,000 after buying an additional 398,900 shares during the last quarter. VHCP Management II LLC acquired a new position in MyoKardia in the third quarter worth approximately $11,355,000. RTW Investments LP acquired a new position in MyoKardia in the third quarter worth approximately $10,882,000. JPMorgan Chase & Co. increased its holdings in MyoKardia by 103.5% in the second quarter. JPMorgan Chase & Co. now owns 476,575 shares of the biotechnology company’s stock worth $6,243,000 after buying an additional 242,408 shares during the last quarter. Finally, Fernwood Investment Management LLC increased its holdings in MyoKardia by 409.1% in the third quarter. Fernwood Investment Management LLC now owns 246,382 shares of the biotechnology company’s stock worth $10,557,000 after buying an additional 197,989 shares during the last quarter. Institutional investors own 63.50% of the company’s stock.
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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 result from biomechanical defects in cardiac muscle contraction. The Company is engaged in the business of developing and commercializing therapeutics.
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