Myokardia (NASDAQ:MYOK) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Myokardia (NASDAQ:MYOK) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “MyoKardia, Inc. is a biopharmaceutical company. The company focuses on discovering, developing, and commercializing therapies for the treatment of serious and neglected rare cardiovascular diseases. Its product candidate consists of MYK-461, a small molecule to reduce excessive cardiac muscle contractility leading to hypertrophic cardiomyopathy, DCM-1, treats heritable dilated cardiomyopathy by restoring normal contractility in the diseased DCM heart, HCM-2, a product candidate to reduce cardiac muscle contractility to normal levels in HCM patients and LUS-1, which is intended to counteract a muscle disruption that results in impaired relaxation of the heart, which are in different clinical trial. MyoKardia, Inc. is headquartered in San Francisco, California. “

Several other research firms have also recently weighed in on MYOK. Cantor Fitzgerald reissued a buy rating and set a $27.00 price target on shares of Spero Therapeutics in a report on Thursday, May 9th. BidaskClub cut Inovio Pharmaceuticals from a sell rating to a strong sell rating in a report on Saturday, June 1st. TheStreet raised TELUS from a c+ rating to a b- rating in a report on Thursday, April 4th. ValuEngine cut Zogenix from a strong-buy rating to a buy rating in a report on Thursday, April 11th. Finally, JPMorgan Chase & Co. set a $90.00 price target on Duke Energy and gave the company a hold rating in a report on Monday, May 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $75.88.

Shares of MYOK opened at $50.80 on Wednesday. The company’s fifty day simple moving average is $48.22. Myokardia has a 12 month low of $39.01 and a 12 month high of $67.79.

Myokardia (NASDAQ:MYOK) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.28). Myokardia had a negative net margin of 201.81% and a negative return on equity of 19.98%. As a group, equities research analysts anticipate that Myokardia will post -3.75 earnings per share for the current year.

In related news, insider Anastasios Gianakakos sold 4,000 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $49.73, for a total value of $198,920.00. Following the transaction, the insider now directly owns 116,470 shares of the company’s stock, valued at approximately $5,792,053.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.30% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP grew its stake in shares of Myokardia by 35.5% in the fourth quarter. First Trust Advisors LP now owns 29,565 shares of the biotechnology company’s stock worth $1,445,000 after acquiring an additional 7,745 shares during the last quarter. BlackRock Inc. grew its stake in shares of Myokardia by 0.3% in the fourth quarter. BlackRock Inc. now owns 2,861,588 shares of the biotechnology company’s stock worth $139,816,000 after acquiring an additional 9,099 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Myokardia by 0.9% in the fourth quarter. Bank of New York Mellon Corp now owns 154,747 shares of the biotechnology company’s stock worth $7,561,000 after acquiring an additional 1,413 shares during the last quarter. Advisor Group Inc. grew its stake in shares of Myokardia by 172.0% in the fourth quarter. Advisor Group Inc. now owns 514 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 325 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Myokardia by 121.5% in the fourth quarter. Citigroup Inc. now owns 9,402 shares of the biotechnology company’s stock worth $459,000 after acquiring an additional 5,157 shares during the last quarter. 99.66% of the stock is currently owned by institutional investors.

Myokardia Company Profile

MyoKardia, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes targeted therapies for the treatment of serious and neglected rare cardiovascular diseases. Its lead product candidate is mavacamten, an orally administered small molecule, which is in Phase III clinical trial that is designed to reduce left ventricular contractility to alleviate the functional consequences and symptoms of obstructive hypertrophic cardiomyopathy (HCM) and prevent or reverse HCM progression, as well as in Phase II clinical trial for non-obstructive HCM.

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