HC Wainwright Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $120.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 132.96% from the company’s current price.

CYTK has been the subject of several other reports. Mizuho lifted their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. JMP Securities restated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Wednesday, September 4th. Royal Bank of Canada started coverage on shares of Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Price Performance

NASDAQ CYTK opened at $51.51 on Monday. The firm’s fifty day simple moving average is $53.18 and its two-hundred day simple moving average is $54.28. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 12-month low of $32.50 and a 12-month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the prior year, the company earned ($1.35) earnings per share. The company’s revenue was up 22.5% on a year-over-year basis. On average, sell-side analysts expect that Cytokinetics will post -5.25 EPS for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $50.16, for a total transaction of $366,168.00. Following the completion of the sale, the executive vice president now owns 111,878 shares of the company’s stock, valued at approximately $5,611,800.48. This represents a 6.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $50.76, for a total transaction of $253,800.00. Following the sale, the chief executive officer now directly owns 397,678 shares of the company’s stock, valued at approximately $20,186,135.28. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,994 shares of company stock valued at $3,427,975 over the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several large investors have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky grew its stake in Cytokinetics by 12.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,885 shares of the biopharmaceutical company’s stock valued at $3,003,000 after acquiring an additional 6,300 shares in the last quarter. Geode Capital Management LLC grew its stake in Cytokinetics by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after acquiring an additional 109,938 shares in the last quarter. XTX Topco Ltd purchased a new stake in Cytokinetics during the 3rd quarter valued at about $521,000. Two Sigma Advisers LP purchased a new stake in Cytokinetics during the 3rd quarter valued at about $11,336,000. Finally, Stifel Financial Corp grew its stake in Cytokinetics by 8.5% during the 3rd quarter. Stifel Financial Corp now owns 25,067 shares of the biopharmaceutical company’s stock valued at $1,324,000 after acquiring an additional 1,959 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.