Zacks Investment Research Lowers Cytokinetics (NASDAQ:CYTK) to Sell

Zacks Investment Research downgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “

Several other analysts have also recently commented on the stock. ValuEngine cut shares of Yext from a strong-buy rating to a buy rating in a research report on Friday, May 10th. Cantor Fitzgerald set a $8.00 price objective on shares of BioDelivery Sciences International and gave the stock a buy rating in a research note on Friday, May 10th. Piper Jaffray Companies increased their price objective on shares of Cytokinetics from $12.00 to $13.00 and gave the stock an overweight rating in a research note on Wednesday, March 20th. BidaskClub downgraded shares of Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. Finally, HC Wainwright increased their price objective on shares of Cytokinetics from $21.00 to $26.00 and gave the stock a buy rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Cytokinetics currently has a consensus rating of Buy and an average target price of $14.60.



CYTK stock opened at $10.99 on Tuesday. The company has a quick ratio of 7.09, a current ratio of 7.09 and a debt-to-equity ratio of 12.35. The stock has a 50 day moving average of $10.53. Cytokinetics has a fifty-two week low of $5.75 and a fifty-two week high of $11.58. The company has a market cap of $634.34 million, a PE ratio of -5.64 and a beta of 1.69.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.07). The company had revenue of $8.46 million during the quarter, compared to the consensus estimate of $6.21 million. Cytokinetics had a negative return on equity of 269.27% and a negative net margin of 303.70%. On average, equities research analysts anticipate that Cytokinetics will post -1.85 earnings per share for the current year.

In other news, CEO Robert I. Blum sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $9.71, for a total transaction of $58,260.00. Following the transaction, the chief executive officer now directly owns 262,022 shares of the company’s stock, valued at $2,544,233.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 9,000 shares of company stock worth $86,160 over the last ninety days. Insiders own 5.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in shares of Cytokinetics by 0.3% during the 4th quarter. BlackRock Inc. now owns 8,726,571 shares of the biopharmaceutical company’s stock worth $55,153,000 after acquiring an additional 28,184 shares in the last quarter. Wasatch Advisors Inc. boosted its position in Cytokinetics by 29.8% in the first quarter. Wasatch Advisors Inc. now owns 3,188,487 shares of the biopharmaceutical company’s stock valued at $25,795,000 after buying an additional 731,682 shares in the last quarter. Great Point Partners LLC boosted its position in Cytokinetics by 45.6% in the fourth quarter. Great Point Partners LLC now owns 3,173,288 shares of the biopharmaceutical company’s stock valued at $20,055,000 after buying an additional 993,600 shares in the last quarter. FMR LLC boosted its position in Cytokinetics by 3.9% in the first quarter. FMR LLC now owns 1,926,824 shares of the biopharmaceutical company’s stock valued at $15,589,000 after buying an additional 73,141 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in Cytokinetics by 1.3% in the first quarter. Pinnacle Associates Ltd. now owns 600,388 shares of the biopharmaceutical company’s stock valued at $4,857,000 after buying an additional 7,610 shares in the last quarter. Institutional investors and hedge funds own 69.29% of the company’s stock.

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 in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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