Myokardia (MYOK) Trading Up 6.7%

Shares of Myokardia Inc (NASDAQ:MYOK) were up 6.7% during mid-day trading on Tuesday . The company traded as high as $53.25 and last traded at $52.90. Approximately 702,200 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 605,933 shares. The stock had previously closed at $49.60.

Several research firms recently weighed in on MYOK. Zacks Investment Research cut Myokardia from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Credit Suisse Group reissued an “outperform” rating and set a $55.00 price target (up from $45.00) on shares of Myokardia in a report on Tuesday, September 19th. TheStreet cut Myokardia from a “c” rating to a “d+” rating in a report on Friday, November 3rd. JPMorgan Chase & Co. began coverage on Myokardia in a report on Tuesday, December 12th. They set an “overweight” rating and a $54.00 price target for the company. Finally, BidaskClub cut Myokardia from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $54.83.

The stock has a market cap of $1,890.70, a price-to-earnings ratio of -69.60 and a beta of 4.21.

Myokardia (NASDAQ:MYOK) last released its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported ($0.42) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.42). The business had revenue of $5.63 million during the quarter, compared to analysts’ expectations of $6.10 million. Myokardia had a negative return on equity of 14.92% and a negative net margin of 53.49%. The firm’s revenue for the quarter was up 58.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) EPS. equities research analysts forecast that Myokardia Inc will post -1.62 EPS for the current fiscal year.

In other Myokardia news, insider Anastasios Gianakakos sold 3,000 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $41.09, for a total transaction of $123,270.00. Following the transaction, the insider now owns 512,117 shares in the company, valued at approximately $21,042,887.53. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jake Bauer sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $45.00, for a total value of $225,000.00. Following the transaction, the insider now owns 56,777 shares in the company, valued at approximately $2,554,965. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 836,626 shares of company stock worth $35,146,501. Corporate insiders own 33.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Myokardia by 11.5% during the 2nd quarter. Vanguard Group Inc. now owns 764,919 shares of the biotechnology company’s stock worth $10,020,000 after acquiring an additional 78,800 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Myokardia by 103.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 476,575 shares of the biotechnology company’s stock valued at $6,243,000 after purchasing an additional 242,408 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Myokardia by 2,151.7% in the 3rd quarter. Wells Fargo & Company MN now owns 417,439 shares of the biotechnology company’s stock valued at $17,887,000 after purchasing an additional 398,900 shares during the last quarter. VHCP Management II LLC bought a new position in shares of Myokardia in the 3rd quarter valued at $11,355,000. Finally, RTW Investments LP bought a new position in shares of Myokardia in the 3rd quarter valued at $10,882,000. Hedge funds and other institutional investors own 63.61% 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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