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

HC Wainwright restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note released on Monday morning,Benzinga reports. The firm currently has a $120.00 price objective on the biopharmaceutical company’s stock.

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

Cytokinetics Price Performance

Cytokinetics stock opened at $49.86 on Monday. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The business has a 50 day simple moving average of $53.86 and a 200-day simple moving average of $54.97. The stock has a market capitalization of $5.88 billion, a PE ratio of -9.27 and a beta of 0.78.

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

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $50.55, for a total value of $252,750.00. Following the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $20,091,400.80. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the sale, the director now owns 24,559 shares in the company, valued at $1,283,207.75. This represents a 15.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,078 shares of company stock valued at $3,514,119. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the stock. J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 680 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Cytokinetics in the third quarter valued at $54,000. Finally, EntryPoint Capital LLC purchased a new position in Cytokinetics during the first quarter worth about $74,000.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.