Cowen Reaffirms Buy Rating for Myokardia (NASDAQ:MYOK)

Myokardia (NASDAQ:MYOK)‘s stock had its “buy” rating restated by analysts at Cowen in a research note issued on Tuesday, AnalystRatings.com reports. They presently have a $73.00 target price on the biotechnology company’s stock. Cowen’s target price points to a potential upside of 29.57% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. ValuEngine cut Myokardia from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 10th. Guggenheim started coverage on Myokardia in a report on Thursday, September 19th. They set a “buy” rating for the company. Wedbush increased their target price on Myokardia from $87.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Zacks Investment Research raised Myokardia from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Morgan Stanley set a $71.00 target price on Myokardia and gave the company a “buy” rating in a report on Monday, July 15th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Myokardia has an average rating of “Buy” and a consensus price target of $76.89.

NASDAQ MYOK traded down $0.39 during trading hours on Tuesday, reaching $56.34. The company’s stock had a trading volume of 214,682 shares, compared to its average volume of 426,719. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -32.01 and a beta of 2.05. Myokardia has a 1-year low of $39.01 and a 1-year high of $64.40. The company’s 50-day moving average is $54.50 and its two-hundred day moving average is $51.41.

Myokardia (NASDAQ:MYOK) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.04). As a group, sell-side analysts expect that Myokardia will post -4.5 earnings per share for the current fiscal year.

In related news, CEO Anastasios Gianakakos sold 4,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.15, for a total value of $208,600.00. Following the completion of the sale, the chief executive officer now owns 104,570 shares of the company’s stock, valued at $5,453,325.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP June Lee sold 13,051 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $59.51, for a total value of $776,665.01. Following the completion of the sale, the executive vice president now directly owns 17,204 shares of the company’s stock, valued at approximately $1,023,810.04. The disclosure for this sale can be found here. Insiders have sold 56,751 shares of company stock valued at $3,271,603 in the last three months. Insiders own 4.30% of the company’s stock.

Several large investors have recently bought and sold shares of MYOK. Amundi Pioneer Asset Management Inc. bought a new stake in Myokardia in the first quarter valued at approximately $68,000. Los Angeles Capital Management & Equity Research Inc. lifted its position in Myokardia by 2.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,965 shares of the biotechnology company’s stock valued at $901,000 after purchasing an additional 510 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Myokardia by 39.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,803 shares of the biotechnology company’s stock valued at $141,000 after purchasing an additional 791 shares during the last quarter. First Trust Advisors LP lifted its position in Myokardia by 4.4% in the second quarter. First Trust Advisors LP now owns 15,116 shares of the biotechnology company’s stock valued at $758,000 after purchasing an additional 642 shares during the last quarter. Finally, Aperio Group LLC bought a new stake in Myokardia in the second quarter valued at approximately $92,000.

Myokardia Company Profile

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

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Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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