Cytokinetics (NASDAQ:CYTK) Receives Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note published on Friday, Benzinga reports.

A number of other equities research analysts have also recently commented on CYTK. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research note on Thursday, October 17th. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $53.81 on Friday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The business’s 50 day moving average is $55.12 and its two-hundred day moving average is $57.26. Cytokinetics has a 12-month low of $30.37 and a 12-month high of $110.25. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of -9.96 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results 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 company had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. Cytokinetics’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.34) EPS. Research analysts expect that Cytokinetics will post -5.15 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,232,704. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert I. Blum sold 11,500 shares of Cytokinetics stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total transaction of $684,135.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at $23,761,019.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the sale, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,232,704. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,284 shares of company stock worth $4,306,652 in the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of the company. State of Michigan Retirement System bought a new stake in Cytokinetics during the first quarter worth about $1,690,000. Susquehanna Fundamental Investments LLC bought a new stake in Cytokinetics during the first quarter worth about $4,703,000. Entropy Technologies LP raised its holdings in Cytokinetics by 110.6% during the first quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock worth $1,362,000 after acquiring an additional 10,205 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Cytokinetics during the first quarter worth about $51,277,000. Finally, Los Angeles Capital Management LLC bought a new stake in Cytokinetics during the first quarter worth about $1,249,000.

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.