MyoKardia Inc. (NASDAQ:MYOK) was up 4.7% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $16.82 and last traded at $16.74, with a volume of 262,253 shares traded. The stock had previously closed at $15.99.
Specifically, major shareholder Sanofi bought 450,000 shares of MyoKardia stock in a transaction on Monday, October 3rd. The shares were purchased at an average price of $15.00 per share, with a total value of $6,750,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 46.10% of the stock is owned by company insiders.
Several equities research analysts recently weighed in on the company. Zacks Investment Research downgraded MyoKardia from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Wedbush reissued an “outperform” rating and set a $22.00 price objective on shares of MyoKardia in a report on Tuesday, August 9th. Wells Fargo & Co. reissued a “buy” rating on shares of MyoKardia in a report on Sunday, September 11th. BMO Capital Markets assumed coverage on MyoKardia in a report on Wednesday, July 20th. They set an “outperform” rating and a $28.00 price objective on the stock. Finally, Credit Suisse Group AG reissued a “buy” rating and set a $20.00 price objective (up previously from $16.00) on shares of MyoKardia in a report on Tuesday, July 12th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. MyoKardia presently has an average rating of “Buy” and an average price target of $23.50.
The company’s market capitalization is $450.42 million. The stock has a 50-day moving average of $19.38 and a 200 day moving average of $14.96.
MyoKardia (NASDAQ:MYOK) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.33) by $0.04. The firm earned $3.55 million during the quarter, compared to the consensus estimate of $3.55 million. MyoKardia had a negative return on equity of 62.91% and a negative net margin of 222.21%. The firm’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts anticipate that MyoKardia Inc. will post ($1.49) earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its position in MyoKardia by 46.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 28,658 shares of the company’s stock valued at $356,000 after buying an additional 9,152 shares during the last quarter. State Street Corp raised its position in shares of MyoKardia by 85.0% in the second quarter. State Street Corp now owns 119,178 shares of the company’s stock valued at $1,479,000 after buying an additional 54,743 shares during the period. Spark Investment Management LLC bought a new position in shares of MyoKardia during the second quarter valued at about $150,000. Teachers Advisors Inc. raised its position in shares of MyoKardia by 185.7% in the second quarter. Teachers Advisors Inc. now owns 18,223 shares of the company’s stock valued at $226,000 after buying an additional 11,845 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of MyoKardia by 144.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 83,989 shares of the company’s stock valued at $1,041,000 after buying an additional 49,603 shares during the period. 36.67% of the stock is currently owned by hedge funds and other institutional investors.
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 results from biomechanical defects in cardiac muscle contraction. It is engaged in the business of developing and commercializing therapeutics.
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