There’s a lot to be optimistic about in the Healthcare sector as 2 analysts just weighed in on MyoKardia Inc (MYOK) and Akebia Therapeutics (AKBA) with bullish sentiments.
MyoKardia Inc (MYOK)
In a report released today, Alethia Young from Cantor Fitzgerald reiterated a Buy rating on MyoKardia Inc, with a price target of $90. The company’s shares closed on Friday at $57.93.
Young observed:
“: We are reiterating our Overweight rating and our 12-month price target of $90, following MYOK’s 3Q18 financial results and presentations at the American Heart Association Meeting. Following the company’s R&D day (which we wrote about here), MyoKardia presented data over the weekend at the American Heart Association being held November 10-12. We believe the data add positive signals for the company’s lead drug, mavacamten, to address non-obstructive hypertrophic cardiomyopathy patients, in addition to its lead indication of obstructive HCM.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 3.7% and a 46.3% success rate. Young covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Puma Biotechnology, and Intercept Pharma.
Currently, the analyst consensus on MyoKardia Inc is a Strong Buy with an average price target of $84.33, which is a 45.6% upside from current levels. In a report issued on November 4, Cowen & Co. also assigned a Buy rating to the stock with a $73 price target.
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Akebia Therapeutics (AKBA)
Mizuho Securities analyst Difei Yang maintained a Buy rating on Akebia Therapeutics today and set a price target of $17. The company’s shares closed on Friday at $8.96.
Yang noted:
“We do not see earnings as the most meaningful indicator of value for early-stage biotechs. Importantly, a merger with Keryx (KERX, Not-rated) remains on track to close by year-end. Timelines for phase 3 vadadustat readouts also remain on track and management narrowed guidance on INNO2VATE; now expected in 1Q20 (vs. 4Q19/1Q20 earlier). PRO2TECT data is expected in mid-2020. Assuming completion of the merger, we believe a number of catalysts are likely to drive the shares in 2019 including vadadustat clinical data and Auryxia quarterly sales performance.”
According to TipRanks.com, Yang is a 5-star analyst with an average return of 18.1% and a 45.8% success rate. Yang covers the Healthcare sector, focusing on stocks such as Alder Biopharmaceuticals, Audentes Therapeutics, and Revance Therapeutics.
Akebia Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $14.67.
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