Cytokinetics (NASDAQ:CYTK) Shares Up 4.9% – Time to Buy?

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) were up 4.9% during mid-day trading on Friday . The company traded as high as $44.71 and last traded at $45.20. Approximately 314,826 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,460,626 shares. The stock had previously closed at $43.10.

Wall Street Analysts Forecast Growth

CYTK has been the subject of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Friday, February 7th. Royal Bank of Canada increased their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Morgan Stanley set a $67.00 target price on shares of Cytokinetics in a research report on Friday, March 7th. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus initiated coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Up 5.4 %

The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of -8.44 and a beta of 0.95. The firm’s fifty day simple moving average is $45.96 and its 200 day simple moving average is $49.92.

Cytokinetics (NASDAQ:CYTK) last posted 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 business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 3,341 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total transaction of $144,565.07. Following the transaction, the executive vice president now directly owns 64,434 shares in the company, valued at approximately $2,788,059.18. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total transaction of $91,840.00. Following the transaction, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,329,980.32. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,834 shares of company stock worth $1,949,275. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after purchasing an additional 154,216 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Cytokinetics by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock worth $505,780,000 after purchasing an additional 1,062,136 shares during the period. Geode Capital Management LLC boosted its position in shares of Cytokinetics by 4.0% in the third 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 during the period. Deep Track Capital LP boosted its position in shares of Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after acquiring an additional 1,870,094 shares during the period. Finally, Vestal Point Capital LP boosted its position in shares of Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after acquiring an additional 850,000 shares during the period.

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.