HC Wainwright Raises Cytokinetics (NASDAQ:CYTK) Price Target to $120.00

Cytokinetics (NASDAQ:CYTK) had its price target hoisted by HC Wainwright from $90.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently weighed in on CYTK. The Goldman Sachs Group cut Cytokinetics from a buy rating to a neutral rating and dropped their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Needham & Company LLC reiterated a buy rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. JMP Securities reiterated a market outperform rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. Cantor Fitzgerald restated an overweight rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. raised their target price on Cytokinetics from $65.00 to $71.00 and gave the company an overweight rating in a research 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 MarketBeat, the company has an average rating of Moderate Buy and an average price target of $83.93.

Cytokinetics Trading Up 3.3 %

NASDAQ:CYTK opened at $54.88 on Wednesday. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The business’s 50 day moving average is $54.99 and its two-hundred day moving average is $58.02. Cytokinetics has a 52 week low of $30.37 and a 52 week high of $110.25. The company has a market cap of $6.46 billion, a PE ratio of -10.22 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. The company’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same quarter last year, the firm earned ($1.34) EPS. On average, analysts predict that Cytokinetics will post -5.15 EPS for the current year.

Insider Transactions at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.82, for a total value of $279,100.00. Following the completion of the sale, the director now owns 20,600 shares of the company’s stock, valued at $1,149,892. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.82, for a total transaction of $279,100.00. Following the completion of the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,149,892. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total value of $416,246.00. Following the sale, the executive vice president now owns 129,004 shares of the company’s stock, valued at approximately $7,355,808.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 82,284 shares of company stock valued at $4,606,411 over the last quarter. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently bought and sold shares of CYTK. J.Safra Asset Management Corp raised its holdings in Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 456 shares in the last quarter. UMB Bank n.a. raised its holdings in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares in the last quarter. EntryPoint Capital LLC bought a new position in Cytokinetics during the first quarter valued at about $74,000. Bessemer Group Inc. raised its holdings in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 1,255 shares in the last quarter. Finally, Quarry LP raised its holdings in Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,400 shares in the last quarter.

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.