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.

Analyst Recommendations for MyoKardia (NASDAQ:MYOK)

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