Myokardia (MYOK) Earns Outperform Rating from Wedbush
Wedbush reiterated their outperform rating on shares of Myokardia (NASDAQ:MYOK) in a report released on Thursday, The Fly reports. They currently have a $64.00 price target on the biotechnology company’s stock, down from their prior price target of $77.00.
MYOK has been the topic of a number of other reports. Zacks Investment Research downgraded Myokardia from a buy rating to a hold rating in a research note on Friday, May 11th. Bank of America started coverage on Myokardia in a research note on Tuesday, July 10th. They set a buy rating and a $71.00 price target on the stock. BidaskClub downgraded Myokardia from a strong-buy rating to a buy rating in a research note on Tuesday, July 31st. Wells Fargo & Co reaffirmed an outperform rating and set a $70.00 price target on shares of Myokardia in a research note on Friday, April 13th. Finally, ValuEngine raised Myokardia from a buy rating to a strong-buy rating in a research note on Monday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Myokardia currently has a consensus rating of Buy and a consensus price target of $71.13.
Shares of Myokardia traded up $1.45, reaching $59.80, during midday trading on Thursday, MarketBeat.com reports. The company’s stock had a trading volume of 175,728 shares, compared to its average volume of 227,416. Myokardia has a fifty-two week low of $32.65 and a fifty-two week high of $63.00.
In other news, insider Anastasios Gianakakos sold 3,000 shares of the stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $46.95, for a total value of $140,850.00. Following the completion of the sale, the insider now directly owns 77,949 shares of the company’s stock, valued at $3,659,705.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sanofi acquired 150,000 shares of the stock in a transaction dated Friday, May 25th. The stock was bought at an average cost of $49.00 per share, with a total value of $7,350,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders sold 16,500 shares of company stock valued at $899,250. Company insiders own 33.40% of the company’s stock.
Several institutional investors have recently modified their holdings of MYOK. Citadel Advisors LLC grew its holdings in shares of Myokardia by 227.3% in the second quarter. Citadel Advisors LLC now owns 151,463 shares of the biotechnology company’s stock valued at $7,520,000 after acquiring an additional 105,181 shares in the last quarter. Federated Investors Inc. PA grew its holdings in shares of Myokardia by 71.4% in the second quarter. Federated Investors Inc. PA now owns 359,275 shares of the biotechnology company’s stock valued at $17,838,000 after acquiring an additional 149,721 shares in the last quarter. FMR LLC grew its holdings in shares of Myokardia by 11.2% in the second quarter. FMR LLC now owns 5,990,112 shares of the biotechnology company’s stock valued at $297,409,000 after acquiring an additional 601,567 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Myokardia by 92.7% in the second 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 in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Myokardia by 36.0% in the second 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 in the last quarter. 84.19% of the stock is owned by hedge funds and other institutional investors.
Myokardia Company Profile
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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