Cytokinetics’ (CYTK) Overweight Rating Reiterated at Piper Jaffray Companies

Piper Jaffray Companies reiterated their overweight rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report sent to investors on Monday morning, The Fly reports. Piper Jaffray Companies currently has a $20.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $14.00.

CYTK has been the topic of several other reports. Morgan Stanley set a $16.00 target price on Cytokinetics and gave the company a hold rating in a research note on Friday, August 9th. Zacks Investment Research upgraded Cytokinetics from a sell rating to a hold rating in a research note on Thursday, September 12th. BidaskClub downgraded Cytokinetics from a strong-buy rating to a buy rating in a research note on Friday, August 16th. Needham & Company LLC set a $16.00 price target on Cytokinetics and gave the company a buy rating in a research note on Friday, August 9th. Finally, JMP Securities set a $23.00 price target on Cytokinetics and gave the company a buy rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $18.71.

Shares of CYTK stock opened at $13.05 on Monday. The business’s 50 day moving average is $13.28 and its two-hundred day moving average is $10.50. Cytokinetics has a twelve month low of $5.75 and a twelve month high of $14.94. The company has a market capitalization of $727.03 million, a P/E ratio of -6.69 and a beta of 1.63. The company has a current ratio of 8.42, a quick ratio of 8.42 and a debt-to-equity ratio of 12.35.



Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 575.21%. The company had revenue of $7.14 million during the quarter, compared to analysts’ expectations of $6.81 million. As a group, equities analysts predict that Cytokinetics will post -2 earnings per share for the current fiscal year.

In related news, CEO Robert I. Blum sold 6,000 shares of Cytokinetics stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.64, for a total value of $75,840.00. Following the sale, the chief executive officer now directly owns 250,022 shares in the company, valued at $3,160,278.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 22,500 shares of company stock worth $275,625. Company insiders own 5.70% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System boosted its stake in shares of Cytokinetics by 4.9% in the second quarter. Louisiana State Employees Retirement System now owns 21,500 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 1,000 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Cytokinetics by 6.3% in the second quarter. State of Alaska Department of Revenue now owns 19,608 shares of the biopharmaceutical company’s stock valued at $220,000 after buying an additional 1,170 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of Cytokinetics by 7.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,270 shares of the biopharmaceutical company’s stock valued at $194,000 after buying an additional 1,230 shares in the last quarter. Texas Permanent School Fund boosted its stake in shares of Cytokinetics by 3.8% in the first quarter. Texas Permanent School Fund now owns 37,148 shares of the biopharmaceutical company’s stock valued at $301,000 after buying an additional 1,346 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Cytokinetics by 8.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 22,889 shares of the biopharmaceutical company’s stock valued at $258,000 after buying an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 74.57% 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 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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