Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Cytokinetics, Incorporated (NASDAQ:CYTK) has received an average recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, sixteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $99.30.

Several analysts have recently issued reports on CYTK shares. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Citizens Jmp upped their price target on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada reiterated an “outperform” rating and set a $119.00 price target on shares of Cytokinetics in a research note on Wednesday. Citigroup started coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price target for the company. Finally, Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $78.11 on Thursday. The business’s 50-day moving average price is $70.93 and its two-hundred day moving average price is $66.20. Cytokinetics has a one year low of $31.99 and a one year high of $80.20. The company has a market capitalization of $9.72 billion, a P/E ratio of -11.42 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter last year, the firm earned ($1.36) EPS. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics will post -6.29 EPS for the current year.

Insider Activity at Cytokinetics

In other news, EVP Andrew Callos sold 15,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $4,337,754.40. This represents a 20.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $76.09, for a total value of $223,171.97. Following the sale, the director owned 10,283 shares of the company’s stock, valued at approximately $782,433.47. This trade represents a 22.19% 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. Insiders have sold a total of 113,739 shares of company stock worth $7,837,220 in the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently made changes to their positions in CYTK. Millennium Management LLC lifted its position in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after purchasing an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after purchasing an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after purchasing an additional 13,911 shares during the last quarter.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.