Zacks Investment Research upgraded shares of Myokardia (NASDAQ:MYOK) from a hold rating to a buy rating in a report published on Thursday morning, Zacks.com reports. They currently have $79.00 target price on the biotechnology company’s stock.
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. “
Several other brokerages have also issued reports on MYOK. Guggenheim reiterated a buy rating and issued a $86.00 price target on shares of Myokardia in a research note on Monday, January 27th. Wells Fargo & Co lifted their price target on shares of Myokardia from $82.00 to $96.00 and gave the company a positive rating in a research note on Friday, January 17th. ValuEngine lowered shares of Myokardia from a buy rating to a hold rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. reiterated a buy rating on shares of Myokardia in a research note on Friday, February 7th. Finally, Morgan Stanley lifted their price target on shares of Myokardia from $70.00 to $75.00 and gave the company an overweight rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Myokardia currently has a consensus rating of Buy and an average price target of $84.82.
In other news, CFO Taylor C. Harris sold 1,683 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $68.45, for a total transaction of $115,201.35. Following the transaction, the chief financial officer now directly owns 4,993 shares in the company, valued at approximately $341,770.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jake Bauer sold 13,096 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $65.13, for a total transaction of $852,942.48. Following the transaction, the insider now owns 53,134 shares in the company, valued at $3,460,617.42. The disclosure for this sale can be found here. Insiders have sold a total of 89,828 shares of company stock worth $6,099,362 over the last 90 days. 4.30% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC acquired a new position in shares of Myokardia during the 3rd quarter worth about $33,000. Tower Research Capital LLC TRC acquired a new position in Myokardia in the 4th quarter valued at about $54,000. IFP Advisors Inc acquired a new position in Myokardia in the 4th quarter valued at about $61,000. Amundi Pioneer Asset Management Inc. acquired a new position in Myokardia in the 1st quarter valued at about $68,000. Finally, Sowell Financial Services LLC acquired a new position in Myokardia in the 4th quarter valued at about $71,000.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Myokardia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Myokardia and related companies with MarketBeat.com's FREE daily email newsletter.