Cytokinetics (NASDAQ:CYTK) Given Buy Rating at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research 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 122.49% from the company’s current price.

CYTK has been the subject of several other research reports. Citizens Jmp raised their target price on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Needham & Company LLC raised their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, August 7th. UBS Group restated a “buy” rating and issued a $104.00 target price on shares of Cytokinetics in a report on Wednesday, October 14th. JPMorgan Chase & Co. raised their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Finally, Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Monday, October 12th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.44.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded up $0.98 during trading on Monday, hitting $62.93. The stock had a trading volume of 404,991 shares, compared to its average volume of 2,124,179. The firm’s fifty day simple moving average is $70.18 and its 200-day simple moving average is $73.28. The stock has a market cap of $7.83 billion, a PE ratio of -8.71 and a beta of 0.41. Cytokinetics has a 12 month low of $54.30 and a 12 month 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 (EPS) for the quarter, topping the consensus estimate 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. Cytokinetics’s revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the business posted ($1.12) EPS. Analysts expect that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction that occurred on 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 transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,677,373.40. The trade was a 19.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B. Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total transaction of $357,400.00. Following the completion of the transaction, the director directly owned 10,784 shares in the company, valued at approximately $770,840.32. The trade was a 31.68% 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 quarter, insiders have sold 191,426 shares of company stock valued at $13,601,885. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CYTK. Handelsbanken Fonder AB boosted its stake in Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after purchasing an additional 157,700 shares in the last quarter. Great Lakes Advisors LLC acquired a new stake in Cytokinetics in the 2nd quarter worth approximately $1,960,000. Siren L.L.C. acquired a new stake in Cytokinetics in the 1st quarter worth approximately $40,466,000. Seven Fleet Capital Management LP boosted its stake in Cytokinetics by 93.0% in the 2nd quarter. Seven Fleet Capital Management LP now owns 118,240 shares of the biopharmaceutical company’s stock worth $10,073,000 after purchasing an additional 56,971 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Cytokinetics by 27.3% in the 1st quarter. California State Teachers Retirement System now owns 136,599 shares of the biopharmaceutical company’s stock worth $9,003,000 after purchasing an additional 29,275 shares in the last quarter.

Cytokinetics Company Profile

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.