HC Wainwright Reiterates “Buy” Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $140.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 94.20% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Stifel Nicolaus boosted their price objective on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Barclays raised their target price on shares of Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Needham & Company LLC increased their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Truist Financial raised their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Nineteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.20.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $72.09 on Monday. The stock has a fifty day moving average of $80.12 and a 200-day moving average of $72.29. The stock has a market capitalization of $8.97 billion, a P/E ratio of -9.98 and a beta of 0.39. Cytokinetics has a 52 week low of $35.22 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The company’s revenue was down 57.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.12) EPS. Equities research analysts forecast that Cytokinetics will post -6 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the transaction, the executive vice president owned 63,221 shares of the company’s stock, valued at $5,550,171.59. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $4,677,373.40. This represents a 19.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 88,246 shares of company stock valued at $7,098,877. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 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 acquiring an additional 225,576 shares in the last quarter. Cetera Investment Advisers lifted its holdings 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 purchasing an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 673 shares during the period. Gabelli Funds LLC grew its position in shares of Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 1,910 shares during the period. Finally, California Public Employees Retirement System increased its stake in Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after purchasing an additional 13,911 shares in the last quarter.

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.