Cytokinetics (NASDAQ:CYTK) Issues Earnings Results, Misses Estimates By $0.02 EPS

Cytokinetics (NASDAQ:CYTK) posted its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02), Zacks reports.

Cytokinetics Trading Up 2.7%

Cytokinetics stock traded up $1.85 during trading on Tuesday, hitting $70.11. 1,566,670 shares of the company were exchanged, compared to its average volume of 1,725,859. The business’s 50 day moving average is $63.98 and its 200 day moving average is $58.07. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $70.98. The company has a market capitalization of $8.57 billion, a P/E ratio of -11.15 and a beta of 0.54.

Insider Activity

In other news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the transaction, the director directly owned 32,444 shares of the company’s stock, valued at $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 2,200 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the transaction, the executive vice president owned 138,552 shares of the company’s stock, valued at $8,484,924.48. This trade represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 151,385 shares of company stock worth $9,817,158 over the last quarter. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors have recently added to or reduced their stakes in CYTK. Millennium Management LLC increased its holdings in shares of Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the period. Cetera Investment Advisers boosted its position in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Gabelli Funds LLC increased its position in shares of Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after purchasing an additional 13,911 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages recently commented on CYTK. Needham & Company LLC increased their price objective on shares of Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. B. Riley Financial increased their price target on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research note on Friday, January 9th. Truist Financial increased their price objective on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Finally, Morgan Stanley set a $90.00 target price on Cytokinetics in a research report on Thursday, January 8th. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.28.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.