Cytokinetics (NASDAQ:CYTK) Earns “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report report published on Monday, Benzinga reports.

A number of other analysts have also issued reports on the company. Truist Financial reduced their target price on Cytokinetics from $86.00 to $70.00 and set a buy rating for the company in a report on Wednesday, May 29th. JMP Securities reissued a market outperform rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. Raymond James decreased their price objective on Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a research report on Thursday, May 23rd. The Goldman Sachs Group cut Cytokinetics from a buy rating to a neutral rating and lowered their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Bank of America reduced their price target on shares of Cytokinetics from $70.00 to $60.00 and set a neutral rating for the company in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $80.67.

Cytokinetics Trading Down 0.7 %

Shares of CYTK opened at $53.77 on Monday. The business’s 50-day moving average price is $56.23 and its 200 day moving average price is $60.11. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $5.64 billion, a P/E ratio of -9.96 and a beta of 0.77. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. Cytokinetics’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.34) earnings per share. Analysts expect that Cytokinetics will post -5.1 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 22,500 shares of Cytokinetics stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the sale, the chief executive officer now owns 416,645 shares of the company’s stock, valued at approximately $21,915,527. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the transaction, the director now owns 20,600 shares of the company’s stock, valued at approximately $1,082,530. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 22,500 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the completion of the transaction, the chief executive officer now directly owns 416,645 shares in the company, valued at $21,915,527. The disclosure for this sale can be found here. Insiders have sold a total of 135,337 shares of company stock worth $7,464,633 in the last 90 days. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp lifted its stake in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Cytokinetics during the 1st quarter worth $74,000. Bessemer Group Inc. boosted its holdings in Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,255 shares during the period. Quarry LP boosted its holdings in Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 1,400 shares during the period. Finally, Journey Strategic Wealth LLC acquired a new stake in shares of Cytokinetics in the fourth quarter valued at about $243,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.