Wall Street Zen Downgrades Cytokinetics (NASDAQ:CYTK) to Sell

Cytokinetics (NASDAQ:CYTK) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other equities analysts have also recently commented on CYTK. Truist Financial lifted their price target on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Citizens Jmp lifted their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Morgan Stanley upped their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Nineteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.20.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded down $2.64 during trading on Friday, reaching $69.45. 914,340 shares of the stock traded hands, compared to its average volume of 2,134,944. The stock has a 50-day moving average of $80.12 and a two-hundred day moving average of $72.29. Cytokinetics has a 52-week low of $35.22 and a 52-week high of $88.31. The stock has a market cap of $8.64 billion, a P/E ratio of -9.62 and a beta of 0.39.

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

Insider Activity

In related news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total value of $636,900.00. Following the completion of the transaction, the chief executive officer owned 377,830 shares in the company, valued at $32,085,323.60. The trade was a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,402,962.18. This represents a 2.22% decrease in their position. 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. Over the last quarter, insiders sold 88,246 shares of company stock valued at $7,098,877. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC increased its holdings in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Cytokinetics during the fourth quarter worth about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics during the fourth quarter worth about $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the third quarter worth about $30,000. Finally, Advisory Services Network LLC acquired a new position in shares of Cytokinetics during the third quarter worth about $32,000.

Cytokinetics Company Profile

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.