Cytokinetics’ (CYTK) Buy Rating Reiterated at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by investment 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 target price points to a potential upside of 123.46% from the company’s previous close.

A number of other analysts also recently weighed in on CYTK. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research report on Monday, October 12th. Truist Financial boosted their target price on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Thursday. Citizens Jmp boosted their target price on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Finally, Barclays boosted their target price on Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Nineteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $105.44.

Cytokinetics Trading Up 1.1%

Shares of CYTK traded up $0.70 during trading hours on Monday, reaching $62.65. 1,912,363 shares of the company’s stock traded hands, compared to its average volume of 2,131,838. The stock has a market cap of $7.80 billion, a PE ratio of -8.68 and a beta of 0.41. The firm’s 50 day simple moving average is $70.18 and its 200-day simple moving average is $73.28. 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 for the quarter, topping 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. The business’s quarterly 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. As a group, analysts expect 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 Cytokinetics stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $79.88, for a total value of $1,118,320.00. Following the transaction, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $357,400.00. Following the completion of the transaction, the director directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 191,426 shares of company stock valued at $13,601,885 in the last ninety days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC increased its stake in 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 purchasing an additional 191 shares during the period. GAMMA Investing LLC increased its stake in Cytokinetics by 8.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock worth $178,000 after purchasing an additional 213 shares during the period. Strs Ohio increased its stake in Cytokinetics by 2.4% in the 1st quarter. Strs Ohio now owns 12,600 shares of the biopharmaceutical company’s stock worth $830,000 after purchasing an additional 300 shares during the period. AlphaCentric Advisors LLC increased its stake in Cytokinetics by 5.7% in the 1st quarter. AlphaCentric Advisors LLC now owns 5,616 shares of the biopharmaceutical company’s stock worth $370,000 after purchasing an additional 305 shares during the period. Finally, Abel Hall LLC increased its stake in Cytokinetics by 10.5% in the 1st quarter. Abel Hall LLC now owns 4,050 shares of the biopharmaceutical company’s stock worth $267,000 after purchasing an additional 384 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.