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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $120.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 138.95% from the stock’s previous close.

A number of other brokerages have also weighed in on CYTK. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Thursday, October 17th. Royal Bank of Canada assumed coverage on shares of Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.67.

Cytokinetics Stock Down 8.2 %

NASDAQ:CYTK opened at $50.22 on Monday. The company’s 50 day moving average is $54.08 and its two-hundred day moving average is $55.20. The company has a market cap of $5.93 billion, a PE ratio of -9.33 and a beta of 0.78. Cytokinetics has a twelve month low of $30.68 and a twelve month high of $110.25. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the previous year, the business earned ($1.35) earnings per share. Cytokinetics’s revenue was up 22.5% on a year-over-year basis. Analysts anticipate that Cytokinetics will post -4.32 EPS for the current year.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,520,653.28. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the completion of the sale, the executive vice president now directly owns 113,878 shares in the company, valued at $6,659,585.44. This represents a 5.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,078 shares of company stock worth $3,261,369 in the last ninety days. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp increased its stake in shares of Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 456 shares in the last quarter. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares during the last quarter. Blue Trust Inc. increased its stake in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Cytokinetics during the third quarter valued at approximately $54,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Cytokinetics in the first quarter valued at approximately $74,000.

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.