Analysts expect Myokardia Inc (NASDAQ:MYOK) to announce sales of $7.57 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Myokardia’s earnings, with the lowest sales estimate coming in at $5.63 million and the highest estimate coming in at $9.50 million. Myokardia posted sales of $5.63 million in the same quarter last year, which suggests a positive year over year growth rate of 34.5%. The business is scheduled to issue its next quarterly earnings report on Thursday, November 1st.
On average, analysts expect that Myokardia will report full year sales of $25.80 million for the current financial year, with estimates ranging from $23.00 million to $32.97 million. For the next year, analysts forecast that the firm will post sales of $34.67 million, with estimates ranging from $24.00 million to $50.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Myokardia.
Myokardia (NASDAQ:MYOK) last announced its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.50) by $0.01. The company had revenue of $6.64 million during the quarter, compared to analyst estimates of $6.32 million. Myokardia had a negative return on equity of 21.16% and a negative net margin of 249.22%.
Several equities research analysts have recently weighed in on MYOK shares. ValuEngine raised Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 2nd. BidaskClub raised Myokardia from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 6th. Bank of America started coverage on Myokardia in a research report on Tuesday, July 10th. They issued a “buy” rating and a $71.00 target price for the company. Zacks Investment Research raised Myokardia from a “sell” rating to a “hold” rating in a research report on Wednesday, July 11th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $64.00 target price (down previously from $77.00) on shares of Myokardia in a research report on Thursday, August 9th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Myokardia currently has a consensus rating of “Buy” and a consensus price target of $74.64.
NASDAQ:MYOK traded up $2.41 on Monday, hitting $52.95. 377,611 shares of the stock were exchanged, compared to its average volume of 367,621. The firm has a market capitalization of $2.62 billion, a PE ratio of -37.82 and a beta of 3.40. Myokardia has a fifty-two week low of $32.80 and a fifty-two week high of $67.79.
In related news, insider Anastasios Gianakakos sold 3,000 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $57.47, for a total value of $172,410.00. Following the completion of the transaction, the insider now owns 77,949 shares of the company’s stock, valued at $4,479,729.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jake Bauer sold 7,500 shares of the stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $56.88, for a total value of $426,600.00. Following the completion of the transaction, the insider now directly owns 68,106 shares of the company’s stock, valued at approximately $3,873,869.28. The disclosure for this sale can be found here. Insiders sold 66,500 shares of company stock valued at $3,946,070 in the last ninety days. Company insiders own 4.70% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of MYOK. Partner Fund Management L.P. boosted its holdings in Myokardia by 91.5% in the second quarter. Partner Fund Management L.P. now owns 1,819,315 shares of the biotechnology company’s stock valued at $90,329,000 after purchasing an additional 869,404 shares during the last quarter. 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 position in Myokardia in the second quarter valued at about $23,832,000. Finally, Millennium Management LLC boosted its holdings in Myokardia by 120.9% in the second quarter. Millennium Management LLC now owns 477,857 shares of the biotechnology company’s stock valued at $23,726,000 after purchasing an additional 261,532 shares during the last quarter. 87.95% of the stock is 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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