MyoKardia Inc Receives a Buy from Cowen & Co.

By Austin Angelo

Cowen & Co. analyst Ritu Baral reiterated a Buy rating on MyoKardia Inc (NASDAQ: MYOK) today and set a price target of $28. The company’s shares opened today at $14.70.

Baral noted:

“MYOK made progress on planning ‘461’s development path to a future single pivotal.”

According to TipRanks.com, Baral is a 2-star analyst with an average return of 0.0% and a 35.2% success rate. Baral covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Protalix Biotherapeutics, and Intra-Cellular Therapies.

Currently, the analyst consensus on MyoKardia Inc is Strong Buy and the average price target is $27, representing an 83.7% upside.

In a report released yesterday, BMO Capital also reiterated a Buy rating on the stock with a $27 price target.

Based on MyoKardia Inc’s latest earnings report from June 30, the company posted quarterly revenue of $3.55M and quarterly net profit of -$9.76M. In comparison, last year the company earned revenue of $3.55M and had a net profit of -$5.46M.

MyoKardia, Inc. operates as a biopharmaceutical company which engages in the discovery, development, and commercialization of targeted therapies for the treatment of cardiovascular diseases. It offers MYK-46, an orally-administered small molecule designed to reduce excessive cardiac muscle contractility leading to hypertrophic cardiomyopathy. The company was founded by James A. Spudich, Jonathan G. Seidman, Christine Seidman, and Leslie Leinwand on June 8, 2012 and is headquartered in South San Francisco, CA.