Cytokinetics (NASDAQ:CYTK) Issues Earnings Results, Misses Expectations By $0.09 EPS

Cytokinetics (NASDAQ:CYTK) released its earnings results on Wednesday. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09), Briefing.com reports. The company had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.35) earnings per share.

Cytokinetics Trading Up 0.6 %

CYTK stock traded up $0.34 during trading on Thursday, hitting $55.84. The company had a trading volume of 2,047,139 shares, compared to its average volume of 2,078,784. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The firm has a 50-day moving average price of $54.11 and a 200-day moving average price of $55.70. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -10.60 and a beta of 0.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $83.93.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now owns 122,920 shares in the company, valued at $7,007,669.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the sale, the executive vice president now owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $55.17, for a total transaction of $634,455.00. Following the sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $22,035,560.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,236 shares of company stock worth $3,800,944 in the last quarter. Insiders own 3.40% of the company’s stock.

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.