Myokardia (NASDAQ:MYOK) had its price target reduced by equities research analysts at Citigroup from $90.00 to $70.00 in a note issued to investors on Thursday, January 3rd. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup‘s price objective would suggest a potential upside of 48.40% from the company’s previous close.
Several other equities analysts also recently weighed in on the company. Zacks Investment Research raised Myokardia from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research report on Thursday, November 15th. BidaskClub raised Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 27th. Morgan Stanley began coverage on Myokardia in a research report on Monday, September 10th. They issued an “overweight” rating and a $72.00 target price for the company. Cantor Fitzgerald began coverage on Myokardia in a research report on Monday, October 1st. They issued an “overweight” rating and a $90.00 target price for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $77.00 target price on shares of Myokardia in a research report on Friday, November 9th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Myokardia currently has an average rating of “Buy” and an average target price of $74.64.
Shares of NASDAQ:MYOK opened at $47.17 on Thursday. The stock has a market cap of $1.84 billion, a P/E ratio of -33.69 and a beta of 3.32. Myokardia has a 12-month low of $39.16 and a 12-month high of $67.79.
Myokardia (NASDAQ:MYOK) last issued its quarterly earnings data on Wednesday, November 7th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.11. The firm had revenue of $9.19 million during the quarter, compared to the consensus estimate of $7.57 million. Myokardia had a negative return on equity of 19.40% and a negative net margin of 222.07%. Analysts predict that Myokardia will post -1.8 earnings per share for the current fiscal year.
In related news, CEO Anastasios Gianakakos acquired 2,500 shares of the firm’s stock in a transaction dated Friday, January 4th. The stock was acquired at an average price of $39.86 per share, for a total transaction of $99,650.00. Following the purchase, the chief executive officer now owns 79,737 shares of the company’s stock, valued at approximately $3,178,316.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jake Bauer sold 978 shares of Myokardia stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $55.45, for a total value of $54,230.10. Following the completion of the transaction, the insider now owns 60,878 shares of the company’s stock, valued at approximately $3,375,685.10. The disclosure for this sale can be found here. Insiders sold a total of 14,748 shares of company stock valued at $817,215 in the last quarter. Company insiders own 4.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Great West Life Assurance Co. Can lifted its stake in Myokardia by 92.7% during the second quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 1,576 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Myokardia during the second quarter worth approximately $191,000. Prudential Financial Inc. purchased a new stake in Myokardia during the third quarter worth approximately $205,000. Legal & General Group Plc lifted its stake in Myokardia by 36.0% during the second quarter. Legal & General Group Plc now owns 4,961 shares of the biotechnology company’s stock worth $247,000 after purchasing an additional 1,312 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Myokardia during the third quarter worth approximately $292,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.
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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