HC Wainwright Lowers Cytokinetics (NASDAQ:CYTK) Price Target to $90.00

Cytokinetics (NASDAQ:CYTK) had its target price lowered by HC Wainwright from $94.00 to $90.00 in a research note issued to investors on Thursday, Benzinga reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts also recently commented on CYTK. Mizuho decreased their target price on Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. Oppenheimer decreased their price objective on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a report on Thursday, May 9th. Raymond James cut their target price on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a report on Thursday. Needham & Company LLC decreased their price target on shares of Cytokinetics from $108.00 to $72.00 and set a buy rating on the stock in a research note on Thursday. Finally, Barclays dropped their price objective on shares of Cytokinetics from $100.00 to $95.00 and set an overweight rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $77.47.

Cytokinetics Price Performance

CYTK stock opened at $48.30 on Thursday. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25. The business has a 50 day simple moving average of $65.80 and a two-hundred day simple moving average of $63.94. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. The business’s quarterly revenue was down 81.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.38) earnings per share. Sell-side analysts anticipate that Cytokinetics will post -4.55 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the sale, the executive vice president now owns 138,567 shares in the company, valued at $10,296,913.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now owns 32,070 shares of the company’s stock, valued at $2,069,797.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now directly owns 138,567 shares in the company, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. Insiders sold a total of 91,318 shares of company stock worth $6,319,540 in the last quarter. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently made changes to their positions in CYTK. Fifth Third Bancorp raised its holdings in shares of Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 318 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics in the 1st quarter worth approximately $74,000. GAMMA Investing LLC bought a new position in shares of Cytokinetics during the fourth quarter valued at approximately $80,000. Bessemer Group Inc. increased its holdings in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC purchased a new position in Cytokinetics during the fourth quarter valued at approximately $204,000.

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.