Cytokinetics (NASDAQ:CYTK) Downgraded by Wall Street Zen to “Sell”

Cytokinetics (NASDAQ:CYTK) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other equities research analysts have also commented on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Cytokinetics in a report on Friday, August 14th. Morgan Stanley lifted their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a report on Friday, August 7th. Royal Bank Of Canada lowered their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.20.

Cytokinetics Price Performance

CYTK traded down $5.81 during trading on Friday, reaching $72.09. 4,361,458 shares of the company’s stock were exchanged, compared to its average volume of 1,790,370. Cytokinetics has a 1 year low of $35.22 and a 1 year high of $88.31. The company’s fifty day simple moving average is $80.12 and its 200-day simple moving average is $72.23. The stock has a market capitalization of $8.97 billion, a P/E ratio of -9.98 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. The firm’s revenue was down 57.1% on a year-over-year basis. During the same period last year, the company earned ($1.12) earnings per share. Equities analysts forecast that Cytokinetics will post -6 EPS for the current year.

Insider Activity

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the sale, the chief executive officer directly owned 385,330 shares of the company’s stock, valued at $27,150,351.80. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $85.80, for a total value of $1,287,000.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at $5,024,019. This trade represents a 20.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 111,179 shares of company stock worth $8,803,649 over the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

Institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new stake in Cytokinetics in the 4th quarter valued at $29,000. Quarry LP acquired a new stake in Cytokinetics in the 3rd quarter valued at $30,000. Finally, Advisory Services Network LLC acquired a new stake in Cytokinetics in the 3rd quarter valued at $32,000.

Key Stories Impacting Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported that the Phase 3 ACACIA-HCM trial met both primary endpoints. Aficamten produced statistically significant improvements versus placebo in patients’ Kansas City Cardiomyopathy Questionnaire scores and maximal exercise capacity after 36 weeks. Cytokinetics Announces Positive Results from ACACIA-HCM
• Positive Sentiment: The results represent a potentially important regulatory and commercial milestone: ACACIA-HCM is described as the first Phase 3 trial in non-obstructive HCM to demonstrate statistically significant improvements across both patient-reported and physician-assessed outcomes. Cytokinetics plans to submit a supplemental New Drug Application to the FDA in the fourth quarter. Cytokinetics eyes expanded use of heart drug
• Positive Sentiment: Presentations at the European Society of Cardiology Congress and simultaneous publication in The New England Journal of Medicine provide prominent external visibility for aficamten. Approval in non-obstructive HCM could materially broaden the drug’s addressable market, as the condition currently has no approved treatments. ACACIA-HCM results published and presented
• Neutral Sentiment: The company is hosting an investor webcast to discuss the findings, giving analysts an opportunity to assess the trial’s detailed efficacy, safety, labeling prospects and commercial opportunity. ACACIA-HCM trial discussion transcript
• Negative Sentiment: Despite the positive data, CYTK shares fell as investors appeared to lock in gains or judge the results insufficient relative to elevated expectations and the company’s sizeable valuation. The reaction indicates that the market may already have priced in a successful trial, leaving regulatory approval, launch execution and the eventual commercial uptake of aficamten as the next catalysts. CYTK shares slip despite positive results

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.