BMO Capital Markets Boosts Myokardia (MYOK) Price Target to $90.00

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Myokardia (NASDAQ:MYOK) had its price target upped by BMO Capital Markets to $90.00 in a research report sent to investors on Tuesday morning, The Fly reports. The firm currently has an outperform rating on the biotechnology company’s stock.

Several other research firms have also issued reports on MYOK. Wedbush reissued an outperform rating and set a $77.00 price target on shares of Myokardia in a research report on Friday, November 9th. Zacks Investment Research raised Myokardia from a hold rating to a buy rating and set a $63.00 price target on the stock in a research report on Thursday, November 15th. ValuEngine raised Myokardia from a hold rating to a buy rating in a research report on Tuesday. Cantor Fitzgerald reissued a buy rating and set a $90.00 price target on shares of Myokardia in a research report on Monday, March 4th. Finally, BidaskClub raised Myokardia from a hold rating to a buy rating in a research report on Saturday, January 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $75.27.

MYOK stock opened at $49.67 on Tuesday. The company has a market cap of $2.00 billion, a P/E ratio of -28.22 and a beta of 2.49. Myokardia has a 12-month low of $39.01 and a 12-month high of $67.79.

Myokardia (NASDAQ:MYOK) last posted its quarterly earnings results on Thursday, February 28th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.07. Myokardia had a negative return on equity of 19.40% and a negative net margin of 222.07%. Research analysts predict that Myokardia will post -2.98 earnings per share for the current year.

In other Myokardia news, major shareholder Sanofi sold 4,168,899 shares of the stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $37.66, for a total value of $157,000,736.34. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Anastasios Gianakakos sold 3,000 shares of the stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $55.68, for a total value of $167,040.00. Following the completion of the sale, the insider now directly owns 72,087 shares in the company, valued at $4,013,804.16. The disclosure for this sale can be found here. Insiders sold 4,174,669 shares of company stock worth $157,289,961 over the last ninety days. 4.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MYOK. FMR LLC increased its holdings in shares of Myokardia by 0.4% during the fourth quarter. FMR LLC now owns 6,040,606 shares of the biotechnology company’s stock valued at $295,144,000 after purchasing an additional 23,296 shares during the period. Vanguard Group Inc. increased its holdings in shares of Myokardia by 32.8% during the third quarter. Vanguard Group Inc. now owns 2,995,821 shares of the biotechnology company’s stock valued at $195,328,000 after purchasing an additional 740,607 shares during the period. Vanguard Group Inc increased its holdings in shares of Myokardia by 32.8% during the third quarter. Vanguard Group Inc now owns 2,995,821 shares of the biotechnology company’s stock valued at $195,328,000 after purchasing an additional 740,607 shares during the period. BlackRock Inc. increased its holdings in shares of Myokardia by 0.3% during the fourth quarter. BlackRock Inc. now owns 2,861,588 shares of the biotechnology company’s stock valued at $139,816,000 after purchasing an additional 9,099 shares during the period. Finally, Partner Fund Management L.P. increased its holdings in shares of Myokardia by 3.3% during the third quarter. Partner Fund Management L.P. now owns 1,878,909 shares of the biotechnology company’s stock valued at $122,505,000 after purchasing an additional 59,594 shares during the period. 89.73% of the stock is currently 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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