Myokardia Inc (NASDAQ:MYOK)’s share price shot up 6.8% during trading on Wednesday . The company traded as high as $55.45 and last traded at $53.25. 794,185 shares were traded during trading, an increase of 80% from the average session volume of 441,084 shares. The stock had previously closed at $49.85.
A number of research firms recently commented on MYOK. Zacks Investment Research upgraded Myokardia from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday. Credit Suisse Group lifted their price target on Myokardia from $60.00 to $68.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. BMO Capital Markets lifted their price target on Myokardia from $65.00 to $83.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. Cowen reiterated a “buy” rating and set a $56.00 price target on shares of Myokardia in a report on Friday, March 9th. Finally, Wedbush lifted their price target on Myokardia from $51.00 to $69.00 and gave the stock an “outperform” rating in a report on Friday, March 9th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $62.43.
The firm has a market cap of $1,832.11, a PE ratio of -37.77 and a beta of 3.35.
In other Myokardia news, insider Jake Bauer sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $42.89, for a total transaction of $214,450.00. Following the completion of the sale, the insider now directly owns 62,877 shares in the company, valued at $2,696,794.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anastasios Gianakakos sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $41.09, for a total transaction of $123,270.00. Following the sale, the insider now owns 512,117 shares of the company’s stock, valued at $21,042,887.53. The disclosure for this sale can be found here. Insiders have sold 848,326 shares of company stock valued at $35,859,872 over the last 90 days. Company insiders own 33.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of MYOK. BlackRock Inc. lifted its position in Myokardia by 37.2% during the fourth quarter. BlackRock Inc. now owns 1,920,651 shares of the biotechnology company’s stock worth $80,859,000 after acquiring an additional 521,031 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Myokardia in the fourth quarter valued at approximately $20,661,000. Farallon Capital Management LLC raised its position in shares of Myokardia by 117.3% in the fourth quarter. Farallon Capital Management LLC now owns 863,732 shares of the biotechnology company’s stock valued at $36,363,000 after buying an additional 466,232 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Myokardia by 2,151.7% in the third quarter. Wells Fargo & Company MN now owns 417,439 shares of the biotechnology company’s stock valued at $17,887,000 after buying an additional 398,900 shares in the last quarter. Finally, VHCP Management II LLC acquired a new stake in shares of Myokardia in the third quarter valued at approximately $11,355,000. Hedge funds and other institutional investors own 83.91% of the company’s stock.
MyoKardia, Inc is a clinical-stage biopharmaceutical company. The Company focuses on the treatment of heritable cardiomyopathies, a group of rare, genetically-driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. The Company is engaged in the business of developing and commercializing therapeutics.
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