Cytokinetics’ (CYTK) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Cytokinetics (NASDAQ:CYTK) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $78.00 target price on the biopharmaceutical company’s stock.

A number of other analysts have also weighed in on the company. Barclays dropped their price objective on Cytokinetics from $100.00 to $95.00 and set an overweight rating for the company in a research note on Thursday, May 23rd. Needham & Company LLC reaffirmed a buy rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Tuesday. Oppenheimer dropped their price target on Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a research note on Thursday, May 9th. Bank of America dropped their price target on Cytokinetics from $70.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, May 23rd. Finally, HC Wainwright reaffirmed a buy rating and issued a $90.00 price target on shares of Cytokinetics in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $80.67.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $54.09 on Wednesday. The firm has a market cap of $5.67 billion, a PE ratio of -10.02 and a beta of 0.77. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. 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 business has a 50 day moving average price of $56.23 and a 200-day moving average price of $60.69.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. The business’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same period in the previous year, the business posted ($1.34) earnings per share. Equities research analysts predict that Cytokinetics will post -5.1 earnings per share for the current year.

Insider Activity

In other news, Director Muna Bhanji sold 2,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $52.07, for a total transaction of $104,140.00. Following the completion of the transaction, the director now directly owns 17,631 shares in the company, valued at $918,046.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the transaction, the director now directly owns 20,600 shares in the company, valued at $1,082,530. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Muna Bhanji sold 2,000 shares of Cytokinetics stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $52.07, for a total value of $104,140.00. Following the completion of the sale, the director now owns 17,631 shares of the company’s stock, valued at $918,046.17. The disclosure for this sale can be found here. Insiders sold 145,125 shares of company stock worth $7,981,849 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently bought and sold shares of the business. Quadrant Capital Group LLC increased its holdings in Cytokinetics by 9.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,268 shares of the biopharmaceutical company’s stock worth $273,000 after buying an additional 287 shares in the last quarter. First Bank & Trust increased its holdings in Cytokinetics by 4.7% in the 2nd quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after buying an additional 303 shares in the last quarter. Fifth Third Bancorp increased its holdings in Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 318 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Cytokinetics by 19.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock worth $239,000 after buying an additional 558 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.