Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned an average recommendation of “Moderate Buy” from the twenty-one brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $102.20.

A number of brokerages have weighed in on CYTK. Citizens Jmp raised their target price on Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. HC Wainwright restated a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a research report on Monday. Barclays raised their price objective on 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. Finally, Needham & Company LLC boosted their target price on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th.

Insider Activity at Cytokinetics

In related news, EVP Sung Lee sold 1,112 shares of the company’s 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 completion of the transaction, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. This represents a 1.73% decrease in their position. The transaction was disclosed in a document filed 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, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $70.24, for a total transaction of $526,800.00. Following the completion of the transaction, the chief executive officer directly owned 377,820 shares of the company’s stock, valued at approximately $26,538,076.80. The trade was a 1.95% 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 90 days, insiders sold 105,746 shares of company stock valued at $8,328,077. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CYTK. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics during the 4th quarter worth $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the fourth quarter valued at about $29,000. TD Waterhouse Canada Inc. bought a new position in Cytokinetics in the fourth quarter valued at about $32,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Cytokinetics during the third quarter valued at about $30,000.

Cytokinetics Trading Down 1.6%

Shares of Cytokinetics stock opened at $70.91 on Tuesday. The company has a 50 day moving average of $79.95 and a 200-day moving average of $72.33. Cytokinetics has a 1-year low of $35.22 and a 1-year high of $88.31. The company has a market cap of $8.82 billion, a PE ratio of -9.82 and a beta of 0.39.

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

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.