Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have received a consensus rating of “Moderate Buy” from the fifteen analysts that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $80.67.

Several brokerages recently commented on CYTK. HC Wainwright reiterated a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a report on Friday, September 20th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. 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. B. Riley lowered their price objective on Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. boosted their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th.

Insider Activity

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.22, for a total transaction of $271,100.00. Following the transaction, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,116,932. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.05, for a total transaction of $621,575.00. Following the sale, the chief executive officer now owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.22, for a total value of $271,100.00. Following the completion of the sale, the director now owns 20,600 shares in the company, valued at approximately $1,116,932. The disclosure for this sale can be found here. Insiders sold a total of 100,537 shares of company stock worth $5,626,227 over the last quarter. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. J.Safra Asset Management Corp raised its position in Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 456 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Cytokinetics in the first quarter worth about $74,000. Bessemer Group Inc. lifted its stake in shares of Cytokinetics by 25,100.0% in the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,255 shares during the last quarter. Quarry LP boosted its holdings in Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 1,400 shares during the period. Finally, Cim Investment Management Inc. purchased a new stake in Cytokinetics during the 4th quarter valued at about $263,000.

Cytokinetics Stock Performance

Cytokinetics stock opened at $52.34 on Tuesday. The business has a 50 day moving average of $55.80 and a 200-day moving average of $58.78. The company has a market capitalization of $5.49 billion, a P/E ratio of -9.69 and a beta of 0.77. Cytokinetics has a 1 year low of $25.98 and a 1 year high of $110.25. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39.

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

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.