After Wedbush and Citigroup gave MyoKardia Inc (NASDAQ: MYOK) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Alethia Young reiterated a Buy rating on MyoKardia Inc today and set a price target of $90. The company’s shares opened today at $46.01.
Young noted:
“. We are reiterating our Overweight rating and 12-month price target of $90. As discussed in our note published 1/2, MyoKardia recently announced that partner Sanofi (SNY, Not Covered) decided not to continue the collaboration beyond the research term ended YE18. We are updating our model to reflect MYOK regaining full global commercial rights to both mavacamten and MYK-491 and also assuming sole responsibility for future development costs. We also model a more-conservative sales ramp without a commercial partner and maintain our $90 price target.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 4.4% and a 47.1% success rate. Young covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Sarepta Therapeutics, and Puma Biotechnology.
Currently, the analyst consensus on MyoKardia Inc is a Strong Buy with an average price target of $76.33, representing a 65.9% upside. In a report issued on January 2, Wedbush also maintained a Buy rating on the stock with a $84 price target.
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The company has a one-year high of $67.79 and a one-year low of $39.16. Currently, MyoKardia Inc has an average volume of 276.7K.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is neutral on the stock.
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MyoKardia, Inc. operates as a biopharmaceutical company. It engages in the discovery, development, and commercialization of targeted therapies for the treatment of cardiovascular diseases.
