MyoKardia, Inc. (MYOK) Downgraded to “Sell” at Zacks Investment Research
MyoKardia, Inc. (NASDAQ:MYOK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
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. “
A number of other research firms have also weighed in on MYOK. Credit Suisse Group reissued an “outperform” rating and issued a $55.00 target price (up previously from $45.00) on shares of MyoKardia in a research note on Tuesday, September 19th. ValuEngine raised MyoKardia from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Wedbush reissued an “outperform” rating and issued a $51.00 target price on shares of MyoKardia in a research note on Wednesday, September 20th. BMO Capital Markets reissued an “outperform” rating and issued a $65.00 target price (up previously from $45.00) on shares of MyoKardia in a research note on Monday, August 21st. Finally, Cowen and Company boosted their target price on MyoKardia from $28.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $55.00.
Shares of MyoKardia (NASDAQ MYOK) opened at 41.05 on Wednesday. The stock has a 50 day moving average price of $43.60 and a 200 day moving average price of $43.60. MyoKardia has a 52 week low of $10.55 and a 52 week high of $49.55. The firm’s market cap is $1.29 billion.
MyoKardia (NASDAQ:MYOK) last issued its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.04). MyoKardia had a negative return on equity of 16.35% and a negative net margin of 44.65%. The firm had revenue of $5.60 million for the quarter, compared to the consensus estimate of $6.73 million. During the same period last year, the firm earned ($0.37) EPS. The company’s revenue for the quarter was up 60.0% on a year-over-year basis. Equities analysts expect that MyoKardia will post ($1.63) earnings per share for the current year.
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In related 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anastasios Gianakakos sold 4,300 shares of the business’s stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $40.86, for a total value of $175,698.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,786,501 shares of company stock valued at $74,371,815. 33.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased its holdings in MyoKardia by 18.1% during the 2nd quarter. California State Teachers Retirement System now owns 30,599 shares of the biotechnology company’s stock valued at $401,000 after purchasing an additional 4,700 shares during the period. The Manufacturers Life Insurance Company increased its holdings in MyoKardia by 38.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock valued at $198,000 after purchasing an additional 4,215 shares during the period. State Street Corp increased its holdings in MyoKardia by 17.4% during the 2nd quarter. State Street Corp now owns 232,581 shares of the biotechnology company’s stock valued at $3,048,000 after purchasing an additional 34,533 shares during the period. Numeric Investors LLC purchased a new position in MyoKardia during the 2nd quarter valued at about $254,000. Finally, OxFORD Asset Management LLP purchased a new position in MyoKardia during the 2nd quarter valued at about $1,757,000. Institutional investors own 42.94% of the company’s stock.
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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