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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research report issued on Friday, Benzinga reports. They currently have a $90.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 61.87% from the company’s previous close.

CYTK has been the subject of several other reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Monday, September 9th. JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. B. Riley reduced their price objective on Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Bank of America dropped their target price on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. Finally, Barclays reduced their price target on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus price target of $80.67.

Cytokinetics Stock Performance

CYTK stock opened at $55.60 on Friday. The stock’s 50 day simple moving average is $56.28 and its 200 day simple moving average is $59.41. 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 has a 12-month low of $25.98 and a 12-month high of $110.25. The stock has a market capitalization of $5.83 billion, a PE ratio of -10.30 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 (EPS) 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 analysts’ expectations of $7.61 million. During the same quarter in the prior year, the firm posted ($1.34) earnings per share. Cytokinetics’s quarterly revenue was down 71.3% on a year-over-year basis. As a group, research analysts forecast that Cytokinetics will post -5.15 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total value of $392,156.00. Following the completion of the transaction, the executive vice president now directly owns 133,004 shares in the company, valued at approximately $7,144,974.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the transaction, the executive vice president now owns 133,004 shares in the company, valued at $7,144,974.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction dated Monday, July 1st. The stock was 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 directly owns 405,145 shares in the company, valued at $21,898,087.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,837 shares of company stock valued at $6,018,383. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

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