Analysts Anticipate Myokardia Inc (MYOK) Will Post Quarterly Sales of $8.57 Million
Equities analysts expect Myokardia Inc (NASDAQ:MYOK) to announce $8.57 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Myokardia’s earnings, with the highest sales estimate coming in at $11.50 million and the lowest estimate coming in at $5.63 million. Myokardia posted sales of $5.60 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 53%. The firm is expected to issue its next quarterly earnings report on Thursday, March 14th.
On average, analysts expect that Myokardia will report full-year sales of $28.87 million for the current fiscal year, with estimates ranging from $26.80 million to $32.66 million. For the next year, analysts anticipate that the firm will report sales of $34.67 million, with estimates ranging from $24.00 million to $50.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Myokardia.
Several equities analysts have issued reports on the company. Citigroup assumed coverage on Myokardia in a research note on Friday, September 28th. They issued a “buy” rating and a $90.00 target price on the stock. BidaskClub upgraded Myokardia from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 9th. Zacks Investment Research upgraded Myokardia from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Credit Suisse Group lifted their target price on Myokardia from $70.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, August 9th. Finally, Wedbush reiterated an “outperform” rating and issued a $64.00 target price (down previously from $77.00) on shares of Myokardia in a research note on Thursday, August 9th. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $76.64.
Several hedge funds have recently modified their holdings of the company. Partner Fund Management L.P. lifted its holdings in shares of Myokardia by 91.5% during the second quarter. Partner Fund Management L.P. now owns 1,819,315 shares of the biotechnology company’s stock worth $90,329,000 after purchasing an additional 869,404 shares during the period. BlackRock Inc. lifted its holdings in shares of Myokardia by 45.6% during the second quarter. BlackRock Inc. now owns 2,627,459 shares of the biotechnology company’s stock worth $130,454,000 after purchasing an additional 822,404 shares during the period. FMR LLC lifted its holdings in shares of Myokardia by 11.2% during the second quarter. FMR LLC now owns 5,990,112 shares of the biotechnology company’s stock worth $297,409,000 after purchasing an additional 601,567 shares during the period. BB Biotech AG acquired a new stake in shares of Myokardia during the second quarter worth about $23,832,000. Finally, Millennium Management LLC lifted its holdings in shares of Myokardia by 120.9% during the second quarter. Millennium Management LLC now owns 477,857 shares of the biotechnology company’s stock worth $23,726,000 after purchasing an additional 261,532 shares during the period. Institutional investors and hedge funds own 87.87% of the company’s stock.
MYOK opened at $55.40 on Friday. Myokardia has a 1 year low of $32.80 and a 1 year high of $67.79. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -39.57 and a beta of 3.42.
Myokardia Company Profile
MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which has completed Phase II clinical trial that is designed to reduce left ventricular contractility to potentially alleviate the functional consequences and symptoms of hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression.
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