Cytokinetics (NASDAQ:CYTK) Shares Gap Up on Analyst Upgrade

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price gapped up prior to trading on Wednesday after HC Wainwright raised their price target on the stock from $90.00 to $120.00. The stock had previously closed at $54.33, but opened at $55.42. HC Wainwright currently has a buy rating on the stock. Cytokinetics shares last traded at $55.51, with a volume of 137,393 shares trading hands.

A number of other analysts also recently weighed in on CYTK. JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, September 3rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $55.82, for a total value of $279,100.00. Following the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,149,892. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred 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 transaction, the director now owns 20,600 shares of the company’s stock, valued at $1,149,892. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total value of $684,135.00. Following the sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $23,761,019.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 82,284 shares of company stock worth $4,606,411. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Inspire Investing LLC increased its holdings in Cytokinetics by 20.0% during the third quarter. Inspire Investing LLC now owns 7,888 shares of the biopharmaceutical company’s stock worth $416,000 after buying an additional 1,317 shares during the last quarter. UMB Bank n.a. grew its position in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the period. Verde Servicos Internacionais S.A. purchased a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $1,914,000. Handelsbanken Fonder AB raised its holdings in shares of Cytokinetics by 25.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 29,400 shares of the biopharmaceutical company’s stock worth $1,552,000 after purchasing an additional 5,900 shares during the period. Finally, Mirador Capital Partners LP lifted its stake in Cytokinetics by 2.3% in the third quarter. Mirador Capital Partners LP now owns 64,626 shares of the biopharmaceutical company’s stock valued at $3,412,000 after purchasing an additional 1,483 shares during the last quarter.

Cytokinetics Trading Down 2.3 %

The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. The firm has a fifty day simple moving average of $55.04 and a two-hundred day simple moving average of $58.11. The firm has a market capitalization of $5.57 billion, a P/E ratio of -9.84 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to the consensus estimate of $7.61 million. During the same period last year, the firm earned ($1.34) EPS. The business’s revenue for the quarter was down 71.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.15 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.