Myokardia (MYOK) Price Target Raised to $81.00

Myokardia (NASDAQ:MYOK) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $80.00 to $81.00 in a research report issued on Friday. The firm presently has an “overweight” rating on the biotechnology company’s stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 35.45% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. Credit Suisse Group upped their price objective on shares of Myokardia from $70.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday. Wedbush restated an “outperform” rating and set a $64.00 price target (down previously from $77.00) on shares of Myokardia in a research report on Thursday. BidaskClub upgraded shares of Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Zacks Investment Research downgraded shares of Myokardia from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Finally, Bank of America initiated coverage on shares of Myokardia in a research report on Tuesday, July 10th. They set a “buy” rating and a $71.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $71.13.

Shares of Myokardia stock traded up $1.45 during trading hours on Friday, reaching $59.80. The stock had a trading volume of 175,728 shares, compared to its average volume of 227,416. Myokardia has a twelve month low of $32.65 and a twelve month high of $63.00.

Myokardia (NASDAQ:MYOK) last issued its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.01. The business had revenue of $6.64 million during the quarter, compared to the consensus estimate of $6.32 million. Myokardia had a negative net margin of 249.22% and a negative return on equity of 21.16%. sell-side analysts predict that Myokardia will post -2.05 earnings per share for the current year.

In related news, insider Anastasios Gianakakos sold 3,000 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $57.47, for a total transaction of $172,410.00. Following the completion of the transaction, the insider now owns 77,949 shares in the company, valued at approximately $4,479,729.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jake Bauer sold 7,500 shares of the company’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $56.88, for a total transaction of $426,600.00. Following the transaction, the insider now owns 68,106 shares of the company’s stock, valued at approximately $3,873,869.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,500 shares of company stock valued at $899,250. Insiders own 33.40% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its holdings in Myokardia by 10.7% in the 1st quarter. Principal Financial Group Inc. now owns 10,845 shares of the biotechnology company’s stock valued at $529,000 after acquiring an additional 1,052 shares during the last quarter. Legal & General Group Plc raised its holdings in Myokardia by 36.0% in the 2nd quarter. Legal & General Group Plc now owns 4,961 shares of the biotechnology company’s stock valued at $247,000 after acquiring an additional 1,312 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in Myokardia by 92.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock valued at $163,000 after acquiring an additional 1,576 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Myokardia by 35.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,409 shares of the biotechnology company’s stock valued at $318,000 after acquiring an additional 1,673 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Myokardia by 8.2% in the 1st quarter. New York State Common Retirement Fund now owns 25,163 shares of the biotechnology company’s stock valued at $1,228,000 after acquiring an additional 1,900 shares during the last quarter. Hedge funds and other institutional investors own 84.19% of the company’s stock.

About Myokardia

MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which has completed Phase II clinical trial that is designed to reduce left ventricular contractility to potentially alleviate the functional consequences and symptoms of hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression.

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Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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