Cytokinetics (NASDAQ:CYTK) Receives “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report released on Thursday, Benzinga reports. The brokerage currently has a $120.00 price target on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. JMP Securities reissued a “market outperform” rating and set a $78.00 target price 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 Monday, September 9th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.93.

Cytokinetics Price Performance

Shares of CYTK opened at $54.53 on Thursday. The company has a market cap of $5.72 billion, a price-to-earnings ratio of -10.10 and a beta of 0.77. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The company’s fifty day simple moving average is $55.14 and its 200 day simple moving average is $57.58. Cytokinetics has a 1-year low of $30.37 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data 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 business had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. Cytokinetics’s revenue was down 71.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.34) EPS. On average, research analysts forecast that Cytokinetics will post -5.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total transaction of $380,330.00. Following the transaction, the executive vice president now owns 118,920 shares in the company, valued at approximately $6,195,732. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the completion of the sale, the executive vice president now owns 118,920 shares in the company, valued at $6,195,732. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $59.84, for a total value of $299,200.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,232,704. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,584 shares of company stock valued at $4,722,898 over the last ninety days. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. purchased a new stake in Cytokinetics during the second quarter worth about $246,074,000. Westfield Capital Management Co. LP purchased a new stake in shares of Cytokinetics during the 1st quarter worth approximately $51,277,000. Integral Health Asset Management LLC raised its holdings in shares of Cytokinetics by 122.2% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after purchasing an additional 550,000 shares during the period. Sarissa Capital Management LP bought a new position in Cytokinetics during the first quarter valued at $21,033,000. Finally, Iron Triangle Partners LP purchased a new stake in Cytokinetics in the first quarter worth $21,033,000.

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.