MyoKardia Inc. (MYOK) Stock Price Up 4.7% on Insider Buying Activity
MyoKardia Inc. (NASDAQ:MYOK) shares traded up 4.7% on Wednesday after an insider bought additional shares in the company. The company traded as high as $16.82 and last traded at $16.74, with a volume of 262,253 shares. The stock had previously closed at $15.99.
Specifically, major shareholder Sanofi bought 450,000 shares of the company’s stock in a transaction dated Monday, October 3rd. The stock was bought at an average price of $15.00 per share, for a total transaction of $6,750,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 46.10% of the company’s stock.
MYOK has been the subject of a number of recent analyst reports. Wells Fargo & Co. reiterated a “buy” rating on shares of MyoKardia in a report on Thursday, September 22nd. Zacks Investment Research downgraded MyoKardia from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Credit Suisse Group AG reiterated a “buy” rating and issued a $20.00 price objective (up previously from $16.00) on shares of MyoKardia in a report on Tuesday, July 12th. Wedbush reiterated an “outperform” rating and issued a $22.00 price objective (down previously from $24.00) on shares of MyoKardia in a report on Wednesday, September 28th. Finally, BMO Capital Markets initiated coverage on MyoKardia in a report on Wednesday, July 20th. They issued an “outperform” rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $23.50.
The stock’s 50-day moving average price is $19.38 and its 200-day moving average price is $14.96. The firm’s market capitalization is $450.42 million.
MyoKardia (NASDAQ:MYOK) last issued its earnings results on Tuesday, August 9th. The company reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.04. The business earned $3.55 million during the quarter, compared to analyst estimates of $3.55 million. MyoKardia had a negative net margin of 222.21% and a negative return on equity of 62.91%. The firm’s revenue was up .0% on a year-over-year basis. Equities analysts predict that MyoKardia Inc. will post ($1.49) EPS for the current year.
Several large investors have recently modified their holdings of the stock. BlackRock Institutional Trust Company N.A. increased its stake in shares of MyoKardia by 4.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 34,386 shares of the company’s stock worth $368,000 after buying an additional 1,375 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of MyoKardia during the first quarter worth $2,613,000. State Street Corp increased its stake in shares of MyoKardia by 31.9% in the first quarter. State Street Corp now owns 64,435 shares of the company’s stock worth $690,000 after buying an additional 15,600 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of MyoKardia by 19.8% in the first quarter. Geode Capital Management LLC now owns 63,701 shares of the company’s stock worth $682,000 after buying an additional 10,527 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of MyoKardia by 8.6% in the first quarter. Wellington Management Group LLP now owns 1,593,487 shares of the company’s stock worth $17,067,000 after buying an additional 126,398 shares in the last quarter. 36.67% of the stock is currently owned by hedge funds and other institutional investors.
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 results from biomechanical defects in cardiac muscle contraction. It is engaged in the business of developing and commercializing therapeutics.
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