Myokardia’s (MYOK) Outperform Rating Reiterated at Credit Suisse Group

Myokardia (NASDAQ:MYOK)‘s stock had its “outperform” rating reaffirmed by equities researchers at Credit Suisse Group in a research report issued to clients and investors on Thursday. They presently have a $60.00 price objective on the biotechnology company’s stock. Credit Suisse Group’s target price points to a potential upside of 14.07% from the stock’s previous close.

Several other research analysts have also commented on MYOK. Wedbush reissued an “outperform” rating and issued a $51.00 price objective on shares of Myokardia in a research report on Wednesday, September 20th. Zacks Investment Research lowered Myokardia from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. TheStreet lowered Myokardia from a “c” rating to a “d+” rating in a research report on Friday, November 3rd. ValuEngine lowered Myokardia from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Finally, JPMorgan Chase & Co. initiated coverage on Myokardia in a research report on Tuesday, December 12th. They issued an “overweight” rating and a $54.00 price objective on the stock. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $55.67.

Myokardia (NASDAQ:MYOK) traded up $0.60 during trading hours on Thursday, reaching $52.60. The company’s stock had a trading volume of 344,900 shares, compared to its average volume of 597,636. Myokardia has a one year low of $10.55 and a one year high of $54.00. The stock has a market capitalization of $1,858.53, a price-to-earnings ratio of -69.21 and a beta of 4.21.

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

In other news, CEO Anastasios Gianakakos sold 4,300 shares of Myokardia stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $40.23, for a total transaction of $172,989.00. Following the sale, the chief executive officer now directly owns 513,417 shares of the company’s stock, valued at $20,654,765.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin P. Starr sold 816,326 shares of Myokardia stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $42.00, for a total value of $34,285,692.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 841,626 shares of company stock worth $35,396,501. Corporate insiders own 33.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in MYOK. Wells Fargo & Company MN increased its position in shares of Myokardia by 2,151.7% during the third quarter. Wells Fargo & Company MN now owns 417,439 shares of the biotechnology company’s stock worth $17,887,000 after acquiring an additional 398,900 shares during the last quarter. VHCP Management II LLC acquired a new position in Myokardia in the third quarter worth about $11,355,000. RTW Investments LP acquired a new position in Myokardia in the third quarter worth about $10,882,000. JPMorgan Chase & Co. grew its stake in Myokardia by 103.5% in the second quarter. JPMorgan Chase & Co. now owns 476,575 shares of the biotechnology company’s stock worth $6,243,000 after purchasing an additional 242,408 shares in the last quarter. Finally, Fernwood Investment Management LLC grew its stake in Myokardia by 409.1% in the third quarter. Fernwood Investment Management LLC now owns 246,382 shares of the biotechnology company’s stock worth $10,557,000 after purchasing an additional 197,989 shares in the last quarter. 63.61% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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