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

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Zacks Investment Research downgraded shares of Myokardia (NASDAQ:MYOK) from a hold rating to a sell rating in a research note released 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. “

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

Shares of MYOK stock opened at $50.80 on Wednesday. The business’s 50-day moving average price 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 earnings results on Thursday, May 9th. The biotechnology company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.28). Myokardia had a negative net margin of 201.81% and a negative return on equity of 19.98%. On average, sell-side analysts forecast that Myokardia will post -3.75 EPS for the current year.

In other Myokardia news, insider Anastasios Gianakakos sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $49.73, for a total transaction of $198,920.00. Following the completion of the transaction, the insider now owns 116,470 shares of the company’s stock, valued at approximately $5,792,053.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.30% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYOK. Advisor Group Inc. raised its position in Myokardia by 172.0% during the 4th quarter. Advisor Group Inc. now owns 514 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 325 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Myokardia by 309.1% during the 1st quarter. Meeder Asset Management Inc. now owns 540 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 408 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Myokardia during the 1st quarter worth approximately $68,000. Great West Life Assurance Co. Can grew its holdings in shares of Myokardia by 27.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 4,188 shares of the biotechnology company’s stock worth $197,000 after acquiring an additional 912 shares during the period. Finally, Amalgamated Bank purchased a new position in shares of Myokardia during the 4th quarter worth approximately $245,000. 99.66% of the stock is owned by institutional investors and hedge funds.

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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