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

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report published on Monday morning, Benzinga reports. They currently have a $90.00 price objective on the biopharmaceutical company’s stock.

A number of other brokerages also recently issued reports on CYTK. Barclays reduced their price target on Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a report on Thursday, May 23rd. B. Riley reduced their target price on Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. JPMorgan Chase & Co. raised 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. The Goldman Sachs Group downgraded shares of Cytokinetics from a buy rating to a neutral rating and reduced their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Finally, Bank of America decreased their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a neutral rating for the company in a report on Thursday, May 23rd. One research 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 company presently has a consensus rating of Moderate Buy and a consensus target price of $80.67.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $53.77 on Monday. 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 has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The business has a 50 day moving average price of $56.23 and a 200-day moving average price of $60.11. The firm has a market cap of $5.64 billion, a PE ratio of -9.96 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. During the same period in the prior year, the firm earned ($1.34) earnings per share. The firm’s revenue for the quarter was down 71.3% compared to the same quarter last year. Equities research analysts predict that Cytokinetics will post -5.1 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.60, for a total value of $1,183,500.00. Following the sale, the chief executive officer now directly owns 416,645 shares of the company’s stock, valued at $21,915,527. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’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 sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,082,530. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 22,500 shares of Cytokinetics stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $52.60, for a total transaction of $1,183,500.00. Following the completion of the transaction, the chief executive officer now directly owns 416,645 shares of the company’s stock, valued at $21,915,527. The disclosure for this sale can be found here. Insiders have sold 135,337 shares of company stock worth $7,464,633 in the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the company. J.Safra Asset Management Corp lifted its position in Cytokinetics by 642.3% in the 2nd 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. EntryPoint Capital LLC purchased a new position in shares of Cytokinetics in the first quarter worth $74,000. Bessemer Group Inc. lifted its holdings in shares of 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 purchasing an additional 1,255 shares in the last quarter. Quarry LP boosted its position in shares of Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,400 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in Cytokinetics in the 2nd quarter worth about $190,000.

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.