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

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

CYTK has been the subject of a number of other reports. B. Riley decreased their price target on shares of Cytokinetics from $122.00 to $92.00 and set a buy rating for the company in a research report on Tuesday, June 4th. Truist Financial decreased their target price on Cytokinetics from $86.00 to $70.00 and set a buy rating for the company in a research report on Wednesday, May 29th. Oppenheimer dropped their target price on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a report on Thursday, May 9th. Barclays decreased their price target on Cytokinetics from $100.00 to $95.00 and set an overweight rating for the company in a report on Thursday, May 23rd. Finally, Needham & Company LLC reissued a buy rating and set a $72.00 target price on shares of Cytokinetics in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $77.65.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $55.88 on Monday. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The company has a 50 day moving average price of $55.13 and a 200 day moving average price of $63.23. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of -10.35 and a beta of 0.75.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. During the same period last year, the business earned ($1.34) earnings per share. The business’s revenue was down 71.3% compared to the same quarter last year. As a group, equities analysts forecast that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at $1,082,530. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $52.55, for a total value of $262,750.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,082,530. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $48.85, for a total value of $1,099,125.00. Following the transaction, the chief executive officer now owns 439,145 shares of the company’s stock, valued at approximately $21,452,233.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 169,832 shares of company stock worth $9,087,691. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CYTK. Maryland State Retirement & Pension System boosted its stake in Cytokinetics by 0.8% during the 4th quarter. Maryland State Retirement & Pension System now owns 35,637 shares of the biopharmaceutical company’s stock valued at $2,975,000 after purchasing an additional 278 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Cytokinetics by 9.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,268 shares of the biopharmaceutical company’s stock valued at $273,000 after buying an additional 287 shares in the last quarter. First Bank & Trust grew its holdings in Cytokinetics by 4.7% during the second quarter. First Bank & Trust now owns 6,757 shares of the biopharmaceutical company’s stock worth $366,000 after acquiring an additional 303 shares during the period. Fifth Third Bancorp grew its holdings in Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 318 shares during the period. Finally, Mutual of America Capital Management LLC raised its position in Cytokinetics by 2.0% in the fourth quarter. Mutual of America Capital Management LLC now owns 17,162 shares of the biopharmaceutical company’s stock worth $1,433,000 after acquiring an additional 337 shares in the last quarter.

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.