Northern Trust Corp increased its holdings in Myokardia Inc (NASDAQ:MYOK) by 56.1% during the second quarter, HoldingsChannel reports. The firm owned 376,539 shares of the biotechnology company’s stock after acquiring an additional 135,364 shares during the quarter. Northern Trust Corp’s holdings in Myokardia were worth $18,695,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in Myokardia by 12.2% in the 2nd quarter. Wells Fargo & Company MN now owns 276,633 shares of the biotechnology company’s stock worth $13,735,000 after purchasing an additional 30,115 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Myokardia by 56.7% during the 2nd quarter. Rhumbline Advisers now owns 29,228 shares of the biotechnology company’s stock worth $1,451,000 after acquiring an additional 10,579 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Myokardia by 92.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock worth $163,000 after acquiring an additional 1,576 shares in the last quarter. Redmile Group LLC purchased a new stake in shares of Myokardia during the 2nd quarter worth approximately $356,000. Finally, Rhenman & Partners Asset Management AB raised its holdings in shares of Myokardia by 17.8% during the 2nd quarter. Rhenman & Partners Asset Management AB now owns 198,272 shares of the biotechnology company’s stock worth $9,844,000 after acquiring an additional 30,000 shares in the last quarter. 87.79% of the stock is currently owned by institutional investors.
Several brokerages have recently issued reports on MYOK. Wedbush reaffirmed an “outperform” rating and set a $64.00 price objective (down from $77.00) on shares of Myokardia in a report on Thursday, August 9th. BidaskClub raised Myokardia from a “hold” rating to a “buy” rating in a report on Wednesday, October 17th. Zacks Investment Research raised Myokardia from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. JPMorgan Chase & Co. upped their price objective on Myokardia from $80.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, August 10th. Finally, Morgan Stanley began coverage on Myokardia in a report on Monday, September 10th. They set an “overweight” rating and a $72.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $74.64.
Myokardia (NASDAQ:MYOK) last issued its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.50) by $0.01. The business had revenue of $6.64 million for the quarter, compared to analysts’ expectations of $6.32 million. Myokardia had a negative return on equity of 21.16% and a negative net margin of 249.22%. As a group, equities research analysts predict that Myokardia Inc will post -2.03 earnings per share for the current fiscal year.
In other news, insider Anastasios Gianakakos sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $57.47, for a total transaction of $172,410.00. Following the transaction, the insider now owns 77,949 shares of the company’s stock, valued at approximately $4,479,729.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider June Lee sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $63.13, for a total value of $315,650.00. Following the transaction, the insider now directly owns 5,426 shares in the company, valued at approximately $342,543.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,000 shares of company stock worth $3,519,470. Corporate insiders own 4.70% of the company’s stock.
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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