Cytokinetics’ (CYTK) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $90.00 target price on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently weighed in on CYTK. B. Riley lowered their target price on Cytokinetics from $122.00 to $92.00 and set a buy rating for the company in a report on Tuesday, June 4th. Raymond James reduced their price target on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a report on Thursday, May 23rd. The Goldman Sachs Group lowered 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. Truist Financial cut their price target on Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a report on Wednesday, May 29th. Finally, JMP Securities reiterated a market outperform rating and issued a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $80.67.

Cytokinetics Price Performance

Cytokinetics stock opened at $52.09 on Friday. The stock’s 50 day moving average is $56.11 and its 200 day moving average is $59.09. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The firm has a market cap of $5.46 billion, a P/E ratio of -9.65 and a beta of 0.77. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data 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 firm had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. The firm’s revenue for the quarter was down 71.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.34) EPS. As a group, research analysts expect that Cytokinetics will post -5.15 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.05, for a total transaction of $621,575.00. Following the sale, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at $21,898,087.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares in the company, valued at $22,666,915.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the 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 completion of the transaction, the chief executive officer now directly owns 405,145 shares in the company, valued at approximately $21,898,087.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,537 shares of company stock valued at $5,626,227. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after buying an additional 273,565 shares during the last quarter. Darwin Global Management Ltd. purchased a new position in Cytokinetics during the 2nd quarter valued at about $246,074,000. Integral Health Asset Management LLC boosted its stake in Cytokinetics by 122.2% during the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after acquiring an additional 550,000 shares in the last quarter. Hood River Capital Management LLC grew its holdings in Cytokinetics by 5.9% in the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock worth $39,965,000 after purchasing an additional 40,990 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in shares of Cytokinetics during the first quarter valued at approximately $51,277,000.

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.