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

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

CYTK has been the subject of a number of other reports. Raymond James lowered their target price on Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a research note on Thursday, May 23rd. JPMorgan Chase & Co. increased their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an overweight rating in a research note on Thursday, September 5th. B. Riley reduced their price objective on Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a report on Tuesday, June 4th. JMP Securities reissued a market outperform rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of Cytokinetics in a research note on Monday, September 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of Moderate Buy and an average target price of $80.67.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $52.09 on Friday. The firm’s 50-day moving average is $56.11 and its 200-day moving average is $59.09. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The company has a market cap of $5.46 billion, a price-to-earnings ratio of -9.65 and a beta of 0.77. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released 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 business had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. During the same quarter in the previous year, the business posted ($1.34) EPS. The firm’s quarterly revenue was down 71.3% on a year-over-year basis. Equities research analysts anticipate that Cytokinetics will post -5.15 earnings per share for the current year.

Insider Activity

In other news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the sale, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the transaction, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $22,666,915.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the sale, the chief executive officer now owns 405,145 shares of the company’s stock, valued at $21,898,087.25. The disclosure for this sale can be found here. Insiders sold a total of 100,537 shares of company stock valued at $5,626,227 in the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Cytokinetics during the 4th quarter valued at $458,000. Norges Bank acquired a new position in Cytokinetics during the fourth quarter valued at approximately $60,299,000. TD Asset Management Inc lifted its stake in Cytokinetics by 82.7% during the fourth quarter. TD Asset Management Inc now owns 182,040 shares of the biopharmaceutical company’s stock worth $15,199,000 after purchasing an additional 82,400 shares during the last quarter. Crestline Management LP boosted its stake in Cytokinetics by 74.4% in the fourth quarter. Crestline Management LP now owns 34,887 shares of the biopharmaceutical company’s stock valued at $2,913,000 after buying an additional 14,887 shares in the last quarter. Finally, NEOS Investment Management LLC bought a new stake in shares of Cytokinetics during the 4th quarter valued at approximately $557,000.

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.