Cytokinetics (NASDAQ:CYTK) Stock Rating Reaffirmed by HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report issued on Tuesday, Benzinga reports. They currently have a $90.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 63.96% from the stock’s current price.

A number of other research firms also recently commented on CYTK. Bank of America cut their target price on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. Oppenheimer reduced their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Barclays dropped their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Truist Financial reduced their price target on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Finally, JMP Securities decreased their price objective on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.27.

Cytokinetics Stock Performance

Cytokinetics stock opened at $54.89 on Tuesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The company has a market capitalization of $6.46 billion, a PE ratio of -10.16 and a beta of 0.75. The company has a 50 day moving average price of $56.19 and a 200-day moving average price of $60.88. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its 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 business had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. The company’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same period last year, the company earned ($1.34) EPS. As a group, equities analysts forecast that Cytokinetics will post -5.1 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 22,500 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the transaction, the chief executive officer now directly owns 416,645 shares in the company, valued at $21,915,527. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Robert I. Blum sold 22,500 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the sale, the chief executive officer now directly owns 416,645 shares of the company’s stock, valued at approximately $21,915,527. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.05, for a total transaction of $621,575.00. Following the transaction, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 145,125 shares of company stock worth $7,981,849. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of the stock. Vestal Point Capital LP purchased a new position in Cytokinetics during the fourth quarter valued at approximately $4,174,000. Victory Capital Management Inc. increased its holdings in shares of Cytokinetics by 1,040.4% during the 4th quarter. Victory Capital Management Inc. now owns 191,654 shares of the biopharmaceutical company’s stock valued at $16,001,000 after purchasing an additional 174,848 shares in the last quarter. State of Michigan Retirement System acquired a new position in shares of Cytokinetics in the 1st quarter valued at $1,690,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Cytokinetics in the 1st quarter valued at $4,703,000. Finally, Entropy Technologies LP boosted its holdings in Cytokinetics by 110.6% during the first quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock worth $1,362,000 after buying an additional 10,205 shares in the last quarter.

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.