Cytokinetics’ (CYTK) “Buy” Rating Reaffirmed at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $120.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price would indicate a potential upside of 138.95% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Royal Bank of Canada began coverage on Cytokinetics in a report on Friday, November 8th. They set an “outperform” rating and a $80.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Cytokinetics Price Performance

CYTK stock opened at $50.22 on Monday. Cytokinetics has a 52 week low of $30.68 and a 52 week high of $110.25. The firm has a market capitalization of $5.93 billion, a P/E ratio of -9.33 and a beta of 0.78. The company has a fifty day simple moving average of $54.08 and a two-hundred day simple moving average of $55.20. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. Cytokinetics’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.35) earnings per share. Analysts anticipate that Cytokinetics will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. The trade was a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,078 shares of company stock valued at $3,261,369 over the last ninety days. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

Hedge funds have recently modified their holdings of the company. J.Safra Asset Management Corp raised its stake in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after acquiring an additional 456 shares in the last quarter. UMB Bank n.a. grew its holdings in Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares during the last quarter. Blue Trust Inc. increased its position in shares of Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at $54,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Cytokinetics in the 1st quarter worth $74,000.

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.