BidaskClub upgraded shares of Myokardia (NASDAQ:MYOK) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

Several other research analysts have also commented on MYOK. Cantor Fitzgerald initiated coverage on Myokardia in a research report on Monday, October 1st. They set an overweight rating and a $90.00 price target on the stock. Credit Suisse Group lifted their price target on Myokardia from $70.00 to $73.00 and gave the stock an outperform rating in a research report on Thursday, August 9th. Zacks Investment Research raised Myokardia from a sell rating to a hold rating in a research report on Wednesday, July 11th. Bank of America initiated coverage on Myokardia in a research report on Tuesday, July 10th. They set a buy rating and a $71.00 price target on the stock. Finally, Citigroup initiated coverage on Myokardia in a research report on Friday, September 28th. They set a buy rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Myokardia presently has a consensus rating of Buy and a consensus target price of $74.64.

Shares of NASDAQ MYOK traded down $0.24 during midday trading on Wednesday, hitting $55.41. 158,780 shares of the company’s stock were exchanged, compared to its average volume of 312,624. Myokardia has a twelve month low of $32.80 and a twelve month high of $67.79. The firm has a market capitalization of $2.23 billion, a PE ratio of -39.58 and a beta of 3.40.

Myokardia (NASDAQ:MYOK) last issued its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.01. Myokardia had a negative return on equity of 21.16% and a negative net margin of 249.22%. The business had revenue of $6.64 million for the quarter, compared to analyst estimates of $6.32 million. On average, sell-side analysts forecast that Myokardia will post -2.03 earnings per share for the current year.

In other Myokardia news, insider Anastasios Gianakakos sold 3,000 shares of Myokardia stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $58.19, for a total transaction of $174,570.00. Following the transaction, the insider now owns 77,949 shares of the company’s stock, valued at $4,535,852.31. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jake Bauer sold 7,500 shares of Myokardia stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $56.88, for a total value of $426,600.00. Following the transaction, the insider now directly owns 68,106 shares in the company, valued at approximately $3,873,869.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,500 shares of company stock worth $3,946,070. 33.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Great West Life Assurance Co. Can grew its stake in shares of Myokardia by 92.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,276 shares of the biotechnology company’s stock valued at $163,000 after purchasing an additional 1,576 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Myokardia in the 2nd quarter valued at approximately $191,000. Amalgamated Bank purchased a new position in shares of Myokardia in the 2nd quarter valued at approximately $231,000. California Public Employees Retirement System purchased a new position in shares of Myokardia in the 1st quarter valued at approximately $242,000. Finally, Legal & General Group Plc grew its stake in shares of Myokardia by 36.0% in the 2nd quarter. Legal & General Group Plc now owns 4,961 shares of the biotechnology company’s stock valued at $247,000 after purchasing an additional 1,312 shares during the last quarter. Institutional investors own 87.92% of the company’s stock.

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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