Myokardia (MYOK) Stock Rating Lowered by ValuEngine

Myokardia (NASDAQ:MYOK) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Other research analysts have also issued research reports about the company. BMO Capital Markets reiterated a “buy” rating and issued a $45.00 price target (up previously from $32.00) on shares of Myokardia in a report on Tuesday, August 8th. TheStreet lowered Myokardia from a “c” rating to a “d+” rating in a report on Friday, November 3rd. Zacks Investment Research upgraded Myokardia from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Cowen increased their price target on Myokardia from $28.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $48.00 price target (up previously from $31.00) on shares of Myokardia in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $55.00.

Shares of Myokardia (NASDAQ MYOK) traded up $1.40 during trading hours on Friday, reaching $38.15. The company’s stock had a trading volume of 281,653 shares, compared to its average volume of 316,332. Myokardia has a 1-year low of $10.55 and a 1-year high of $49.55.

Myokardia (NASDAQ:MYOK) last announced its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.42). The business had revenue of $5.63 million for the quarter, compared to analyst estimates of $6.10 million. Myokardia had a negative return on equity of 30.65% and a negative net margin of 251.96%. The company’s quarterly revenue was up 58.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) earnings per share. equities analysts expect that Myokardia will post -1.62 EPS for the current year.

In other news, insider Anastasios Gianakakos sold 4,300 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $43.02, for a total value of $184,986.00. Following the transaction, the insider now owns 512,463 shares in the company, valued at $22,046,158.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin P. Starr sold 601,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $43.00, for a total value of $25,860,200.00. The disclosure for this sale can be found here. Insiders sold 1,713,513 shares of company stock worth $72,678,568 in the last 90 days. Corporate insiders own 33.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of MYOK. Nationwide Fund Advisors lifted its holdings in shares of Myokardia by 36.3% in the second quarter. Nationwide Fund Advisors now owns 9,729 shares of the biotechnology company’s stock valued at $127,000 after purchasing an additional 2,591 shares in the last quarter. Alliancebernstein L.P. bought a new position in shares of Myokardia in the second quarter valued at approximately $148,000. State of Wisconsin Investment Board bought a new stake in Myokardia during the second quarter worth $157,000. The Manufacturers Life Insurance Company lifted its holdings 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 worth $198,000 after acquiring an additional 4,215 shares during the period. Finally, Quantbot Technologies LP bought a new stake in Myokardia during the third quarter worth $202,000. Institutional investors own 63.50% of the company’s stock.

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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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