Cytokinetics (NASDAQ:CYTK) Receives “Overweight” Rating from Cantor Fitzgerald

Cytokinetics (NASDAQ:CYTK)‘s stock had its “overweight” rating reaffirmed by Cantor Fitzgerald in a research report issued on Friday, Benzinga reports.

CYTK has been the topic of several other reports. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective 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. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research note on Thursday. Finally, HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Trading Up 0.8 %

Shares of NASDAQ CYTK opened at $54.97 on Friday. Cytokinetics has a 1 year low of $30.37 and a 1 year high of $110.25. 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 50-day moving average of $55.12 and a 200 day moving average of $57.36. The stock has a market cap of $5.76 billion, a P/E ratio of -10.18 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. The business’s revenue was down 71.3% on a year-over-year basis. During the same period last year, the firm earned ($1.34) EPS. As a group, sell-side analysts expect that Cytokinetics will post -5.15 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.19, for a total transaction of $395,587.00. Following the completion of the sale, the executive vice president now owns 116,920 shares in the company, valued at approximately $6,335,894.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $59.49, for a total value of $684,135.00. Following the transaction, the chief executive officer now owns 399,412 shares of the company’s stock, valued at approximately $23,761,019.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.19, for a total transaction of $395,587.00. Following the sale, the executive vice president now directly owns 116,920 shares of the company’s stock, valued at approximately $6,335,894.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,584 shares of company stock worth $4,722,898 in the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently modified their holdings of the business. State of Michigan Retirement System purchased a new position in Cytokinetics during the first quarter valued at $1,690,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Cytokinetics during the 1st quarter valued at approximately $4,703,000. Entropy Technologies LP increased its holdings in Cytokinetics by 110.6% in the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock worth $1,362,000 after acquiring an additional 10,205 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Cytokinetics during the 1st quarter worth approximately $51,277,000. Finally, Los Angeles Capital Management LLC bought a new stake in Cytokinetics during the 1st quarter worth approximately $1,249,000.

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.