Cytokinetics (NASDAQ:CYTK) Earns “Buy” Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Friday morning, Benzinga reports. The firm currently has a $90.00 target price on the biopharmaceutical company’s stock.

CYTK has been the topic of a number of other reports. Raymond James reduced their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, May 23rd. Needham & Company LLC reaffirmed a buy rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Cytokinetics from $65.00 to $71.00 and gave the stock an overweight rating in a research report on Thursday, September 5th. Bank of America cut their target price on Cytokinetics from $70.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, May 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Cytokinetics in a report on Monday, September 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $80.67.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $53.77 on Friday. The firm has a market cap of $5.64 billion, a PE ratio of -9.96 and a beta of 0.77. Cytokinetics has a 52 week low of $25.98 and a 52 week high of $110.25. The firm’s fifty day moving average is $56.22 and its 200-day moving average is $59.18. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The business had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. During the same quarter in the previous year, the business earned ($1.34) EPS. The company’s revenue was down 71.3% on a year-over-year basis. Sell-side analysts predict that Cytokinetics will post -5.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now directly owns 133,004 shares of the company’s stock, valued at $7,144,974.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now owns 133,004 shares in the company, valued at $7,144,974.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the sale, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at $21,898,087.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,837 shares of company stock worth $6,018,383. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. J.Safra Asset Management Corp boosted its stake in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter. EntryPoint Capital LLC bought a new position in Cytokinetics in the 1st quarter valued at $74,000. Bessemer Group Inc. increased its position in shares of Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,255 shares during the last quarter. Quarry LP increased its position in shares of Cytokinetics by 233.3% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Cim Investment Management Inc. bought a new stake in shares of Cytokinetics during the 4th quarter worth $263,000.

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.