Shares of Myokardia Inc (NASDAQ:MYOK) traded down 6.7% during trading on Wednesday . The stock traded as low as $33.20 and last traded at $33.20. 714,851 shares changed hands during trading, an increase of 125% from the average session volume of 318,275 shares. The stock had previously closed at $35.60.
Several analysts recently commented on the company. BMO Capital Markets reiterated a “buy” rating and set a $45.00 price target (up from $32.00) on shares of Myokardia in a research report on Tuesday, August 8th. Zacks Investment Research upgraded Myokardia from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. ValuEngine cut Myokardia from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Wedbush restated an “outperform” rating and issued a $51.00 target price on shares of Myokardia in a report on Wednesday, September 20th. Finally, TheStreet cut Myokardia from a “c” rating to a “d+” rating in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $55.00.
Myokardia (NASDAQ:MYOK) last released its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.42) EPS for the quarter, meeting analysts’ consensus estimates of ($0.42). The business had revenue of $5.63 million for the quarter, compared to the consensus estimate of $6.10 million. Myokardia had a negative return on equity of 14.92% and a negative net margin of 53.49%. The business’s revenue for the quarter was up 58.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.35) EPS. analysts expect that Myokardia Inc will post -1.62 EPS for the current year.
In other news, Director Kevin P. Starr sold 75,313 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $40.28, for a total value of $3,033,607.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Anastasios Gianakakos sold 4,300 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $40.23, for a total value of $172,989.00. Following the completion of the sale, the chief executive officer now directly owns 513,417 shares of the company’s stock, valued at $20,654,765.91. The disclosure for this sale can be found here. Insiders sold a total of 1,709,213 shares of company stock worth $72,493,582 over the last quarter. Company insiders own 33.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its position in Myokardia by 2.5% during the second quarter. Wells Fargo & Company MN now owns 18,539 shares of the biotechnology company’s stock worth $243,000 after buying an additional 455 shares in the last quarter. American International Group Inc. grew its position in shares of Myokardia by 18.8% in the third quarter. American International Group Inc. now owns 12,735 shares of the biotechnology company’s stock valued at $546,000 after purchasing an additional 2,018 shares during the period. Fiduciary Trust Co. grew its position in shares of Myokardia by 7.2% in the second quarter. Fiduciary Trust Co. now owns 30,612 shares of the biotechnology company’s stock valued at $401,000 after purchasing an additional 2,058 shares during the period. Rhumbline Advisers grew its position in shares of Myokardia by 12.4% in the third quarter. Rhumbline Advisers now owns 20,788 shares of the biotechnology company’s stock valued at $891,000 after purchasing an additional 2,299 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Myokardia by 5.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 43,680 shares of the biotechnology company’s stock valued at $575,000 after purchasing an additional 2,394 shares during the period. 63.61% of the stock is owned by institutional investors.
Myokardia Company Profile
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.
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