HC Wainwright Reaffirms Buy Rating for Cytokinetics (NASDAQ:CYTK)

HC Wainwright restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Friday morning,Benzinga reports. The firm currently has a $120.00 target price on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on the company. Mizuho raised their price objective on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Thursday, November 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research report on Monday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Royal Bank of Canada lifted their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday. One investment 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, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $84.07.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $48.87 on Friday. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock’s fifty day moving average is $52.09 and its two-hundred day moving average is $53.98. Cytokinetics has a 52 week low of $36.24 and a 52 week high of $110.25. The company has a market capitalization of $5.77 billion, a PE ratio of -9.08 and a beta of 0.80.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. Cytokinetics’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.35) earnings per share. As a group, analysts expect that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, Director John T. Henderson sold 1,780 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $50.42, for a total value of $89,747.60. Following the sale, the director now directly owns 38,461 shares of the company’s stock, valued at approximately $1,939,203.62. This represents a 4.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendall Wierenga sold 742 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now directly owns 24,559 shares in the company, valued at $1,193,812.99. This represents a 2.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,816 shares of company stock worth $3,923,463 in the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. Exome Asset Management LLC acquired a new position in Cytokinetics in the third quarter valued at approximately $3,093,000. Retirement Systems of Alabama increased its holdings in shares of Cytokinetics by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 142,930 shares of the biopharmaceutical company’s stock valued at $7,547,000 after purchasing an additional 1,414 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Cytokinetics by 12.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock valued at $3,003,000 after purchasing an additional 6,300 shares during the period. Geode Capital Management LLC boosted its holdings in Cytokinetics by 4.0% during the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after buying an additional 109,938 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Cytokinetics during the third quarter valued at $521,000.

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.