Cytokinetics (NASDAQ:CYTK) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

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

Cytokinetics Stock Up 3.4 %

Shares of Cytokinetics stock traded up $1.88 during midday trading on Friday, hitting $57.72. The company’s stock had a trading volume of 302,977 shares, compared to its average volume of 2,070,105. The stock has a 50-day simple moving average of $54.08 and a 200-day simple moving average of $55.70. The firm has a market capitalization of $6.79 billion, a P/E ratio of -10.40 and a beta of 0.78. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics has a 1-year low of $30.68 and a 1-year high of $110.25.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CYTK. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. HC Wainwright reiterated a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $83.67.

Insider Activity

In related news, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $55.20, for a total value of $276,000.00. Following the completion of the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,137,120. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of the firm’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 transaction of $420,961.84. Following the sale, the executive vice president now directly owns 122,920 shares in the company, valued at approximately $7,007,669.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $55.20, for a total value of $276,000.00. Following the sale, the director now owns 20,600 shares in the company, valued at $1,137,120. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,236 shares of company stock worth $3,800,944 in the last three months. 3.40% of the stock is owned by insiders.

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.