Cytokinetics’ (CYTK) “Buy” Rating Reiterated at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a report issued on Monday, Benzinga reports. They presently have a $140.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 123.46% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. William Blair began coverage on shares of Cytokinetics in a research report on Friday. They set an “outperform” rating for the company. Truist Financial boosted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citizens Jmp upped their target price 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. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. Finally, UBS Group restated a “buy” rating and issued a $104.00 target price on shares of Cytokinetics in a research report on Wednesday, October 14th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average price target of $105.44.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded up $0.70 during trading on Monday, reaching $62.65. 1,912,763 shares of the company’s stock traded hands, compared to its average volume of 2,131,841. Cytokinetics has a 12 month low of $54.30 and a 12 month high of $88.31. The company has a 50 day moving average of $70.18 and a 200-day moving average of $73.28. The stock has a market capitalization of $7.80 billion, a P/E ratio of -8.68 and a beta of 0.41.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same period in the prior year, the company earned ($1.12) EPS. Cytokinetics’s quarterly revenue was down 57.1% on a year-over-year basis. Equities research analysts predict that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 14,000 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.88, for a total value of $1,118,320.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. This represents a 19.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total transaction of $6,789,209.58. Following the completion of the transaction, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. This trade represents a 20.26% 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. In the last 90 days, insiders sold 191,426 shares of company stock worth $13,601,885. Insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

A number of institutional investors have recently made changes to their positions in CYTK. V Square Quantitative Management LLC lifted its stake in shares of Cytokinetics by 71.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 191 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Cytokinetics in the 2nd quarter worth approximately $36,000. Rockefeller Capital Management L.P. lifted its stake in shares of Cytokinetics by 842.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 573 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Cytokinetics in the 1st quarter worth approximately $53,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 55.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 549 shares during the period.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.