Zacks Investment Research Upgrades MyoKardia, Inc. (NASDAQ:MYOK) to “Hold”

Zacks Investment Research upgraded shares of MyoKardia, Inc. (NASDAQ:MYOK) from a sell rating to a hold rating in a research report sent to investors on Tuesday, October 17th.

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 analysts have also recently commented on the company. Credit Suisse Group reiterated an outperform rating and issued a $55.00 price target (up from $45.00) on shares of MyoKardia in a research note on Tuesday, September 19th. TheStreet raised MyoKardia from a d+ rating to a c rating in a research report on Thursday, July 6th. BidaskClub raised MyoKardia from a buy rating to a strong-buy rating in a research report on Saturday, August 5th. Cowen and Company lifted their price objective on MyoKardia from $28.00 to $56.00 and gave the stock an outperform rating in a research report on Monday, August 7th. Finally, BMO Capital Markets reissued an outperform rating and issued a $65.00 price objective (up from $45.00) on shares of MyoKardia in a research report on Monday, August 21st. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. MyoKardia presently has a consensus rating of Buy and an average price target of $55.00.

MyoKardia (MYOK) traded down $1.45 during trading hours on Tuesday, reaching $40.75. The company’s stock had a trading volume of 183,111 shares, compared to its average volume of 368,874. MyoKardia has a 12-month low of $10.55 and a 12-month high of $49.55.

MyoKardia (NASDAQ:MYOK) last issued its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.42). MyoKardia had a negative return on equity of 18.01% and a negative net margin of 53.49%. The firm had revenue of $5.63 million for the quarter, compared to the consensus estimate of $6.10 million. During the same quarter last year, the business posted ($0.35) EPS. The company’s revenue was up 58.6% compared to the same quarter last year. equities research analysts forecast that MyoKardia will post -1.6 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Zacks Investment Research Upgrades MyoKardia, Inc. (NASDAQ:MYOK) to “Hold”” was originally posted by BBNS and is the property of of BBNS. If you are reading this report on another site, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this report can be viewed at https://baseballnewssource.com/markets/myokardia-inc-myok-upgraded-at-zacks-investment-research/1721034.html.

In related news, major shareholder Sanofi bought 350,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average cost of $35.50 per share, for a total transaction of $12,425,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Lambing sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $45.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider now owns 99,718 shares of the company’s stock, valued at $4,487,310. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,734,213 shares of company stock worth $73,380,579. Insiders own 33.40% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Nationwide Fund Advisors boosted its position in MyoKardia by 36.3% during the second quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after buying an additional 2,591 shares during the period. Highbridge Capital Management LLC purchased a new stake in MyoKardia during the first quarter valued at about $136,000. Alliancebernstein L.P. purchased a new stake in MyoKardia during the second quarter valued at about $148,000. State of Wisconsin Investment Board purchased a new stake in MyoKardia during the second quarter valued at about $157,000. Finally, The Manufacturers Life Insurance Company boosted its position in MyoKardia by 38.8% during the second quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock valued at $198,000 after buying an additional 4,215 shares during the period. Institutional investors own 43.67% of the company’s stock.

About MyoKardia

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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