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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued to investors on Monday, Benzinga reports. They presently have a $140.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 122.99% from the stock’s previous close.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. upped their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Barclays upped their target price on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Truist Financial upped their target price on Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Finally, Needham & Company LLC upped their target price on Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, August 7th. 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $105.44.

Cytokinetics Trading Up 1.3%

CYTK stock traded up $0.83 during trading on Monday, hitting $62.78. The company had a trading volume of 373,462 shares, compared to its average volume of 2,123,822. The business has a 50-day moving average of $70.18 and a 200-day moving average of $73.28. Cytokinetics has a one year low of $54.30 and a one year high of $88.31. The stock has a market cap of $7.81 billion, a PE ratio of -8.70 and a beta of 0.41.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company 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 company earned ($1.12) earnings per share. The business’s revenue was down 57.1% on a year-over-year basis. Research analysts forecast that Cytokinetics will post -5.97 EPS for the current year.

Insider Buying and Selling

In other news, Director B. Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total value of $357,400.00. Following the transaction, the director owned 10,784 shares in the company, valued at $770,840.32. This trade represents a 31.68% decrease in their ownership of the stock. 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 Cytokinetics stock in a transaction on Monday, October 12th. The stock was sold at an average price of $62.88, for a total transaction of $471,600.00. Following the transaction, the chief executive officer directly owned 278,544 shares in the company, valued at $17,514,846.72. This represents a 2.62% decrease in their ownership of the stock. 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 ninety days, insiders sold 191,426 shares of company stock valued at $13,601,885. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently made changes to their positions in CYTK. Siren L.L.C. bought a new position in shares of Cytokinetics in the first quarter worth $40,466,000. Hsbc Holdings PLC raised its position in shares of Cytokinetics by 5,906.5% in the first quarter. Hsbc Holdings PLC now owns 221,999 shares of the biopharmaceutical company’s stock worth $14,632,000 after buying an additional 218,303 shares in the last quarter. Emerald Advisers LLC purchased a new stake in shares of Cytokinetics in the first quarter worth $13,104,000. Candriam S.C.A. raised its position in shares of Cytokinetics by 128.6% in the first quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company’s stock worth $22,094,000 after buying an additional 188,577 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of Cytokinetics by 63.8% in the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after buying an additional 157,700 shares in the last quarter.

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.