Cowen Reiterates Buy Rating for Myokardia (NASDAQ:MYOK)

Myokardia (NASDAQ:MYOK)‘s stock had its “buy” rating reissued by equities researchers at Cowen in a research report issued to clients and investors on Monday, AnalystRatings.com reports. They presently have a $73.00 target price on the biotechnology company’s stock. Cowen’s price objective indicates a potential upside of 39.50% from the stock’s previous close.

A number of other equities analysts also recently commented on MYOK. ValuEngine raised shares of Myokardia from a “buy” rating to a “strong-buy” rating in a report on Friday, November 1st. Guggenheim assumed coverage on shares of Myokardia in a report on Thursday, September 19th. They issued a “buy” rating for the company. Maxim Group reaffirmed an “average” rating on shares of Myokardia in a report on Monday, October 28th. Morgan Stanley set a $71.00 price objective on shares of Myokardia and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, BidaskClub downgraded shares of Myokardia from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $77.33.

Shares of NASDAQ:MYOK opened at $52.33 on Monday. The company has a fifty day simple moving average of $55.76 and a 200 day simple moving average of $52.24. Myokardia has a 12-month low of $39.01 and a 12-month high of $63.76.

Myokardia (NASDAQ:MYOK) last issued its quarterly earnings results on Monday, November 11th. The biotechnology company reported ($1.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.57. Equities research analysts predict that Myokardia will post -5.13 earnings per share for the current year.

In other news, EVP June Lee sold 13,051 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $59.51, for a total transaction of $776,665.01. Following the completion of the transaction, the executive vice president now owns 17,204 shares of the company’s stock, valued at $1,023,810.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jake Bauer sold 19,700 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $60.09, for a total transaction of $1,183,773.00. Following the transaction, the insider now directly owns 76,068 shares of the company’s stock, valued at approximately $4,570,926.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,186 shares of company stock valued at $3,038,738. 4.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MYOK. Quadrant Capital Group LLC acquired a new position in shares of Myokardia during the third quarter valued at $33,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Myokardia during the first quarter valued at $68,000. Aperio Group LLC acquired a new position in shares of Myokardia during the second quarter valued at $92,000. Strs Ohio boosted its holdings in shares of Myokardia by 440.0% during the third quarter. Strs Ohio now owns 2,700 shares of the biotechnology company’s stock valued at $140,000 after acquiring an additional 2,200 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Myokardia by 39.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,803 shares of the biotechnology company’s stock valued at $141,000 after acquiring an additional 791 shares during the period.

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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