MyoKardia, Inc. (MYOK) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of MyoKardia, Inc. (NASDAQ:MYOK) from a hold rating to a sell rating in a report published on Wednesday morning.

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. “

Other equities analysts also recently issued reports about the stock. BMO Capital Markets reissued a buy rating and issued a $45.00 price target (up from $32.00) on shares of MyoKardia in a report on Tuesday, August 8th. ValuEngine raised shares of MyoKardia from a sell rating to a hold rating in a report on Monday, August 7th. TheStreet raised shares of MyoKardia from a d+ rating to a c rating in a report on Thursday, July 6th. Wedbush reissued an outperform rating and issued a $51.00 price target on shares of MyoKardia in a report on Wednesday, September 20th. Finally, Credit Suisse Group reissued an outperform rating and issued a $55.00 price target (up from $45.00) on shares of MyoKardia in a report on Tuesday, September 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $55.00.

MyoKardia (NASDAQ:MYOK) traded down 0.74% during mid-day trading on Wednesday, reaching $40.05. 321,629 shares of the company’s stock traded hands. The stock’s market cap is $1.26 billion. The company has a 50 day moving average price of $43.46 and a 200-day moving average price of $43.46. MyoKardia has a 12 month low of $10.55 and a 12 month high of $49.55.

MyoKardia (NASDAQ:MYOK) last posted its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.04). The firm had revenue of $5.60 million for the quarter, compared to analysts’ expectations of $6.73 million. MyoKardia had a negative return on equity of 16.35% and a negative net margin of 44.65%. MyoKardia’s revenue was up 60.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.37) earnings per share. On average, analysts anticipate that MyoKardia will post ($1.63) EPS for the current year.

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In other news, Director Wendy L. Yarno acquired 1,408 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $35.50 per share, for a total transaction of $49,984.00. Following the purchase, the director now owns 1,408 shares of the company’s stock, valued at approximately $49,984. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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. Insiders sold a total of 1,786,501 shares of company stock worth $74,371,815 over the last 90 days. 33.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in MYOK. Nationwide Fund Advisors raised its stake in MyoKardia by 36.3% in the 2nd quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after acquiring an additional 2,591 shares during the period. Highbridge Capital Management LLC bought a new stake in MyoKardia in the 1st quarter valued at about $136,000. Alliancebernstein L.P. bought a new stake in MyoKardia in the 2nd quarter valued at about $148,000. State of Wisconsin Investment Board bought a new stake in MyoKardia in the 2nd quarter valued at about $157,000. Finally, The Manufacturers Life Insurance Company raised its stake in MyoKardia by 38.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,073 shares of the biotechnology company’s stock valued at $198,000 after acquiring an additional 4,215 shares during the period. Institutional investors and hedge funds own 42.94% 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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