Cytokinetics (NASDAQ:CYTK) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note published on Thursday, MarketBeat Ratings reports. HC Wainwright currently has a $120.00 price objective on the biopharmaceutical company’s stock.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Stock Up 0.8 %

NASDAQ:CYTK opened at $54.97 on Thursday. The stock has a market cap of $5.76 billion, a price-to-earnings ratio of -10.18 and a beta of 0.77. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a 50-day moving average price of $55.12 and a two-hundred day moving average price of $57.36. Cytokinetics has a 1 year low of $30.37 and a 1 year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. During the same period last year, the firm posted ($1.34) earnings per share. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. As a group, equities analysts expect that Cytokinetics will post -5.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $59.49, for a total value of $684,135.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $23,761,019.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total value of $416,246.00. Following the sale, the executive vice president now owns 129,004 shares in the company, valued at approximately $7,355,808.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total transaction of $684,135.00. Following the transaction, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at approximately $23,761,019.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,584 shares of company stock valued at $4,722,898. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of the stock. State of Michigan Retirement System acquired a new stake in Cytokinetics during the first quarter worth approximately $1,690,000. Susquehanna Fundamental Investments LLC acquired a new stake in Cytokinetics during the 1st quarter worth approximately $4,703,000. Entropy Technologies LP boosted its stake in Cytokinetics by 110.6% in the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock valued at $1,362,000 after purchasing an additional 10,205 shares during the period. Westfield Capital Management Co. LP acquired a new position in Cytokinetics in the 1st quarter valued at $51,277,000. Finally, Los Angeles Capital Management LLC bought a new position in Cytokinetics during the 1st quarter worth $1,249,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.