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

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned an average rating of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $99.90.

CYTK has been the subject of several research reports. Citigroup started coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price objective for the company. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Wells Fargo & Company boosted their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $102.00 price objective on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, Stifel Nicolaus lifted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th.

Insider Transactions at Cytokinetics

In related news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This represents a 21.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total transaction of $447,150.00. Following the completion of the transaction, the chief executive officer directly owned 407,830 shares in the company, valued at $24,314,824.60. This trade represents a 1.81% 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. Insiders have sold 142,985 shares of company stock worth $10,413,592 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings in Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after buying an additional 225,576 shares in the last quarter. Cetera Investment Advisers raised its holdings 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 acquiring an additional 731 shares during the period. EverSource Wealth Advisors LLC raised its holdings 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 acquiring an additional 673 shares during the period. Gabelli Funds LLC boosted 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 valued at $278,000 after acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock valued at $4,712,000 after purchasing an additional 13,911 shares during the period.

Cytokinetics Trading Down 1.4%

CYTK traded down $1.20 during midday trading on Monday, hitting $84.87. 1,768,023 shares of the company traded hands, compared to its average volume of 2,446,466. The business has a 50 day simple moving average of $77.25 and a two-hundred day simple moving average of $68.57. Cytokinetics has a 52-week low of $32.89 and a 52-week high of $88.31. The company has a market capitalization of $10.56 billion, a price-to-earnings ratio of -12.41 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The firm’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.36) EPS. Equities research analysts anticipate that Cytokinetics will post -6.22 earnings per share for the current year.

Cytokinetics Company Profile

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.