Cytokinetics (NASDAQ:CYTK) Posts Earnings Results, Misses Estimates By $0.09 EPS

Cytokinetics (NASDAQ:CYTK) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09), Briefing.com reports. The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.35) earnings per share.

Cytokinetics Stock Up 0.6 %

Shares of NASDAQ CYTK traded up $0.34 during mid-day trading on Thursday, hitting $55.84. The company had a trading volume of 2,047,139 shares, compared to its average volume of 2,078,784. The company has a market capitalization of $6.57 billion, a PE ratio of -10.60 and a beta of 0.78. The firm has a 50-day simple moving average of $54.11 and a two-hundred day simple moving average of $55.70. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics has a one year low of $30.68 and a one year high of $110.25.

Insider Activity

In other news, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $55.17, for a total value of $634,455.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares in the company, valued at $22,035,560.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $55.17, for a total value of $634,455.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares in the company, valued at approximately $22,035,560.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following the completion of the sale, the director now owns 24,559 shares of the company’s stock, valued at $1,283,207.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,236 shares of company stock worth $3,800,944 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

CYTK has been the topic of a number of analyst reports. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.93.

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.