Cytokinetics (NASDAQ:CYTK) Receives “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Monday morning, Benzinga reports. They currently have a $90.00 price target on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other research reports. Needham & Company LLC reiterated a buy rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an overweight rating in a research report on Thursday, September 5th. B. Riley decreased their price target on shares of Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Cantor Fitzgerald restated an overweight rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, The Goldman Sachs Group lowered shares of Cytokinetics from a buy rating to a neutral rating and decreased their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics currently has an average rating of Moderate Buy and a consensus price target of $80.67.

Cytokinetics Stock Performance

CYTK opened at $52.80 on Monday. The business’s 50 day moving average is $55.71 and its 200-day moving average is $58.67. The stock has a market cap of $5.54 billion, a PE ratio of -9.78 and a beta of 0.77. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. During the same quarter in the previous year, the company earned ($1.34) EPS. Cytokinetics’s revenue for the quarter was down 71.3% on a year-over-year basis. On average, analysts predict that Cytokinetics will post -5.15 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $55.90, for a total transaction of $408,070.00. Following the completion of the sale, the executive vice president now owns 131,004 shares of the company’s stock, valued at approximately $7,323,123.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $54.29, for a total value of $624,335.00. Following the completion of the sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at approximately $21,684,077.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $55.90, for a total transaction of $408,070.00. Following the completion of the sale, the executive vice president now directly owns 131,004 shares of the company’s stock, valued at approximately $7,323,123.60. The disclosure for this sale can be found here. Insiders sold 89,037 shares of company stock valued at $4,994,252 in the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. TD Asset Management Inc lifted its position in Cytokinetics by 82.7% during the 4th quarter. TD Asset Management Inc now owns 182,040 shares of the biopharmaceutical company’s stock worth $15,199,000 after acquiring an additional 82,400 shares during the last quarter. NEOS Investment Management LLC bought a new position in shares of Cytokinetics during the 4th quarter worth about $557,000. CIBC Asset Management Inc bought a new position in shares of Cytokinetics during the 4th quarter worth about $555,000. Rafferty Asset Management LLC increased its holdings in shares of Cytokinetics by 6.6% during the 4th quarter. Rafferty Asset Management LLC now owns 263,275 shares of the biopharmaceutical company’s stock worth $21,981,000 after purchasing an additional 16,353 shares during the period. Finally, Bardin Hill Management Partners LP bought a new position in shares of Cytokinetics during the 4th quarter worth about $2,012,000.

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.