Cytokinetics (NASDAQ:CYTK) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Cytokinetics (NASDAQ:CYTK) issued its earnings results on Wednesday. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09), Briefing.com reports. The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.35) earnings per share.

Cytokinetics Stock Up 0.6 %

NASDAQ CYTK traded up $0.34 during trading on Thursday, hitting $55.84. 2,047,139 shares of the company traded hands, compared to its average volume of 2,078,784. 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 business has a fifty day simple moving average of $54.11 and a 200 day simple moving average of $55.70. The company has a market capitalization of $6.57 billion, a P/E ratio of -10.60 and a beta of 0.78. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CYTK shares. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. increased their price objective on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the transaction, the executive vice president now directly owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,520,653.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the sale, the executive vice president now directly owns 122,920 shares in the company, valued at approximately $7,007,669.20. 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 ninety days, insiders have sold 70,236 shares of company stock worth $3,800,944. Company insiders own 3.40% of the company’s stock.

Cytokinetics Company Profile

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.