JPMorgan Chase & Co. Increases Myokardia (MYOK) Price Target to $81.00

Myokardia (NASDAQ:MYOK) had its price target hoisted by stock analysts at JPMorgan Chase & Co. from $80.00 to $81.00 in a report issued on Friday. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. JPMorgan Chase & Co.’s target price indicates a potential upside of 35.45% from the company’s current price.

A number of other brokerages have also weighed in on MYOK. Credit Suisse Group boosted their price objective on shares of Myokardia from $70.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday. Wedbush reissued an “outperform” rating and set a $64.00 price objective (down from $77.00) on shares of Myokardia in a report on Thursday. BidaskClub raised shares of Myokardia from a “buy” rating to a “strong-buy” rating in a report on Thursday. Zacks Investment Research lowered shares of Myokardia from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Finally, Bank of America assumed coverage on shares of Myokardia in a report on Tuesday, July 10th. They set a “buy” rating and a $71.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Myokardia currently has an average rating of “Buy” and a consensus price target of $71.13.

Shares of MYOK traded up $1.45 during trading hours on Friday, reaching $59.80. 175,728 shares of the company traded hands, compared to its average volume of 227,416. Myokardia has a 12-month low of $32.65 and a 12-month high of $63.00.

Myokardia (NASDAQ:MYOK) last announced its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.01. The firm had revenue of $6.64 million for the quarter, compared to analyst estimates of $6.32 million. Myokardia had a negative net margin of 249.22% and a negative return on equity of 21.16%. sell-side analysts anticipate that Myokardia will post -2.05 EPS for the current fiscal year.

In other Myokardia news, major shareholder Sanofi purchased 150,000 shares of the stock in a transaction on Friday, May 25th. The shares were bought at an average cost of $49.00 per share, with a total value of $7,350,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anastasios Gianakakos sold 3,000 shares of the company’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $46.95, for a total transaction of $140,850.00. Following the completion of the sale, the insider now directly owns 77,949 shares in the company, valued at $3,659,705.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,500 shares of company stock worth $899,250. 33.40% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of MYOK. BlackRock Inc. boosted its holdings in Myokardia by 45.6% in the second quarter. BlackRock Inc. now owns 2,627,459 shares of the biotechnology company’s stock valued at $130,454,000 after purchasing an additional 822,404 shares during the last quarter. FMR LLC boosted its holdings in Myokardia by 11.2% in the second quarter. FMR LLC now owns 5,990,112 shares of the biotechnology company’s stock valued at $297,409,000 after purchasing an additional 601,567 shares during the last quarter. BB Biotech AG purchased a new stake in Myokardia in the second quarter valued at $23,832,000. Farallon Capital Management LLC boosted its holdings in Myokardia by 20.3% in the first quarter. Farallon Capital Management LLC now owns 1,039,278 shares of the biotechnology company’s stock valued at $50,717,000 after purchasing an additional 175,546 shares during the last quarter. Finally, Federated Investors Inc. PA boosted its holdings in Myokardia by 71.4% in the second quarter. Federated Investors Inc. PA now owns 359,275 shares of the biotechnology company’s stock valued at $17,838,000 after purchasing an additional 149,721 shares during the last quarter. 84.19% of the stock is currently owned by institutional investors.

About Myokardia

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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Analyst Recommendations for Myokardia (NASDAQ:MYOK)

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