MyoKardia’s (MYOK) Buy Rating Reiterated at Cowen

Cowen reiterated their buy rating on shares of MyoKardia (NASDAQ:MYOK) in a report released on Tuesday. They currently have a $73.00 price target on the biotechnology company’s stock.

MYOK has been the topic of a number of other reports. BidaskClub downgraded MyoKardia from a hold rating to a sell rating in a research note on Tuesday, March 20th. Zacks Investment Research raised MyoKardia from a hold rating to a buy rating and set a $59.00 price objective on the stock in a research note on Tuesday, March 13th. BMO Capital Markets boosted their price objective on MyoKardia from $65.00 to $83.00 and gave the company an outperform rating in a research note on Friday, March 9th. ValuEngine raised MyoKardia from a sell rating to a hold rating in a research note on Friday, February 2nd. Finally, Wedbush boosted their price objective on MyoKardia from $51.00 to $69.00 and gave the company an outperform rating in a research note on Friday, March 9th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. MyoKardia presently has a consensus rating of Buy and a consensus target price of $67.29.

Shares of MyoKardia opened at $48.25 on Tuesday, Marketbeat reports. The stock has a market capitalization of $1.74 billion, a PE ratio of -34.46 and a beta of 3.66. MyoKardia has a 1 year low of $12.20 and a 1 year high of $62.83.

MyoKardia (NASDAQ:MYOK) last announced its quarterly earnings data on Tuesday, May 8th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.21). The business had revenue of $5.33 million during the quarter, compared to analyst estimates of $7.82 million. MyoKardia had a negative net margin of 235.47% and a negative return on equity of 25.18%. sell-side analysts predict that MyoKardia will post -1.72 earnings per share for the current fiscal year.

In related news, insider Jake Bauer sold 1,519 shares of the company’s stock in a transaction that occurred on Thursday, May 3rd. The stock was sold at an average price of $48.95, for a total transaction of $74,355.05. Following the transaction, the insider now directly owns 62,125 shares of the company’s stock, valued at approximately $3,041,018.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Anastasios Gianakakos sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $47.57, for a total value of $142,710.00. Following the transaction, the chief executive officer now directly owns 74,968 shares in the company, valued at $3,566,227.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,683 shares of company stock worth $1,102,481. 33.40% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of MYOK. Dimensional Fund Advisors LP acquired a new position in MyoKardia during the 3rd quarter worth approximately $212,000. Schwab Charles Investment Management Inc. raised its stake in shares of MyoKardia by 16.9% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 94,358 shares of the biotechnology company’s stock worth $3,973,000 after purchasing an additional 13,640 shares during the last quarter. Strs Ohio raised its stake in shares of MyoKardia by 23.6% in the fourth quarter. Strs Ohio now owns 21,500 shares of the biotechnology company’s stock worth $905,000 after purchasing an additional 4,100 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of MyoKardia in the fourth quarter worth approximately $185,000. Finally, Fiduciary Trust Co. raised its stake in shares of MyoKardia by 36.2% in the fourth quarter. Fiduciary Trust Co. now owns 36,765 shares of the biotechnology company’s stock worth $1,548,000 after purchasing an additional 9,765 shares during the last quarter. 83.90% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for MyoKardia (NASDAQ:MYOK)

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