Zacks Investment Research lowered shares of Myokardia (NASDAQ:MYOK) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “MyoKardia, Inc. is a biopharmaceutical company. The company focuses on discovering, developing, and commercializing therapies for the treatment of serious and neglected rare cardiovascular diseases. Its product candidate consists of MYK-461, a small molecule to reduce excessive cardiac muscle contractility leading to hypertrophic cardiomyopathy, DCM-1, treats heritable dilated cardiomyopathy by restoring normal contractility in the diseased DCM heart, HCM-2, a product candidate to reduce cardiac muscle contractility to normal levels in HCM patients and LUS-1, which is intended to counteract a muscle disruption that results in impaired relaxation of the heart, which are in different clinical trial. MyoKardia, Inc. is headquartered in San Francisco, California. “

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald reissued a buy rating and set a $90.00 price target on shares of Myokardia in a research report on Thursday, May 9th. BidaskClub raised Myokardia from a sell rating to a hold rating in a research report on Tuesday, April 30th. ValuEngine downgraded Myokardia from a strong-buy rating to a buy rating in a research report on Thursday, April 11th. TheStreet raised Myokardia from a d+ rating to a c- rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets increased their price target on Myokardia to $90.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $74.70.

Shares of Myokardia stock traded up $1.23 on Wednesday, hitting $48.75. The stock had a trading volume of 3,806 shares, compared to its average volume of 564,728. Myokardia has a twelve month low of $39.01 and a twelve month high of $67.79. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of -27.69 and a beta of 2.32.

Myokardia (NASDAQ:MYOK) last posted its earnings results on Thursday, May 9th. The biotechnology company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.28). Myokardia had a negative net margin of 201.81% and a negative return on equity of 19.98%. Sell-side analysts predict that Myokardia will post -3.22 EPS for the current year.

In other Myokardia news, CFO Taylor C. Harris sold 1,324 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $53.30, for a total transaction of $70,569.20. Following the completion of the sale, the chief financial officer now directly owns 3,750 shares in the company, valued at $199,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in shares of Myokardia by 17.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 153,334 shares of the biotechnology company’s stock valued at $9,997,000 after purchasing an additional 22,816 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Myokardia by 39.6% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 104,845 shares of the biotechnology company’s stock valued at $6,836,000 after purchasing an additional 29,722 shares in the last quarter. Legal & General Group Plc raised its position in shares of Myokardia by 158.8% in the 3rd quarter. Legal & General Group Plc now owns 12,840 shares of the biotechnology company’s stock valued at $837,000 after purchasing an additional 7,879 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Myokardia by 32.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,995,821 shares of the biotechnology company’s stock valued at $195,328,000 after purchasing an additional 740,607 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of Myokardia in the 4th quarter valued at approximately $363,000. Hedge funds and other institutional investors own 79.88% of the company’s stock.

Myokardia Company Profile

MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes targeted therapies for the treatment of serious and neglected rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which is in Phase III clinical trial that is designed to reduce left ventricular contractility to alleviate the functional consequences and symptoms of obstructive hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression, as well as in Phase II clinical trial for non-obstructive HCM.

Further Reading: P/E Growth (PEG)

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