Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Average Recommendation of “Moderate Buy” from Analysts

Cytokinetics, Incorporated (NASDAQ:CYTK) has been given an average rating of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $82.00.

A number of research firms recently issued reports on CYTK. Morgan Stanley set a $67.00 price objective on Cytokinetics in a research report on Friday, March 7th. JMP Securities reissued a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Royal Bank of Canada boosted their price target on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Friday, February 28th.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 2,775 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $44.38, for a total transaction of $123,154.50. Following the transaction, the executive vice president now directly owns 34,888 shares in the company, valued at $1,548,329.44. The trade was a 7.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the transaction, the executive vice president now owns 116,071 shares in the company, valued at $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,834 shares of company stock valued at $1,949,275. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvey Capital Management Inc. bought a new position in Cytokinetics during the fourth quarter valued at about $1,040,000. Westfield Capital Management Co. LP grew its stake in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock valued at $69,769,000 after purchasing an additional 395,709 shares during the period. abrdn plc grew its stake in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after purchasing an additional 102,457 shares during the period. Finally, AlphaQuest LLC grew its stake in shares of Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the period.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $45.43 on Tuesday. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -8.44 and a beta of 0.95. Cytokinetics has a 1-year low of $40.53 and a 1-year high of $75.71. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock’s fifty day simple moving average is $45.96 and its 200-day simple moving average is $49.92.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. On average, sell-side analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

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.