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

HC Wainwright reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note released on Tuesday morning, Benzinga reports. HC Wainwright currently has a $90.00 target price on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the company. Needham & Company LLC reissued a buy rating and set a $72.00 target price on shares of Cytokinetics in a report on Tuesday. Truist Financial dropped their price objective on shares of Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, May 29th. Raymond James reduced their target price on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a report on Thursday, May 23rd. Oppenheimer reduced their price objective on Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. lowered their target price on Cytokinetics from $77.00 to $65.00 and set an overweight rating on the stock in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $80.67.

Cytokinetics Trading Up 1.9 %

NASDAQ CYTK opened at $55.93 on Tuesday. The company has a market cap of $5.86 billion, a PE ratio of -10.36 and a beta of 0.77. Cytokinetics has a 12 month low of $25.98 and a 12 month high of $110.25. The stock has a 50 day moving average of $56.23 and a 200-day moving average of $60.85. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last posted 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 company had revenue of $0.25 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned ($1.34) EPS. On average, equities research analysts anticipate that Cytokinetics will post -5.1 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, Director Muna Bhanji sold 2,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $52.07, for a total transaction of $104,140.00. Following the completion of the transaction, the director now owns 17,631 shares of the company’s stock, valued at approximately $918,046.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Robert I. Blum sold 22,500 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the transaction, the chief executive officer now owns 416,645 shares of the company’s stock, valued at approximately $21,915,527. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Muna Bhanji sold 2,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $52.07, for a total transaction of $104,140.00. Following the sale, the director now directly owns 17,631 shares in the company, valued at approximately $918,046.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 145,125 shares of company stock valued at $7,981,849. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ghisallo Capital Management LLC acquired a new stake in shares of Cytokinetics during the second quarter valued at about $10,619,000. Cetera Investment Advisers raised its holdings in Cytokinetics by 128.5% in the 2nd quarter. Cetera Investment Advisers now owns 27,320 shares of the biopharmaceutical company’s stock valued at $1,480,000 after buying an additional 15,366 shares during the last quarter. Quarry LP grew its holdings in Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after acquiring an additional 1,400 shares during the last quarter. Creative Planning increased its position in Cytokinetics by 56.1% in the 2nd quarter. Creative Planning now owns 15,727 shares of the biopharmaceutical company’s stock valued at $852,000 after acquiring an additional 5,649 shares during the period. Finally, Clearline Capital LP lifted its holdings in shares of Cytokinetics by 332.4% during the second quarter. Clearline Capital LP now owns 207,695 shares of the biopharmaceutical company’s stock worth $11,253,000 after purchasing an additional 159,660 shares during the period.

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.