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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $90.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective indicates a potential upside of 61.87% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. JPMorgan Chase & Co. raised their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Raymond James decreased their price target on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $80.67.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $55.60 on Friday. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market cap of $5.83 billion, a P/E ratio of -10.30 and a beta of 0.77. The business’s 50-day moving average price is $56.28 and its two-hundred day moving average price is $59.41.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. Cytokinetics’s revenue was down 71.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.34) EPS. As a group, equities analysts predict that Cytokinetics will post -5.15 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.05, for a total transaction of $621,575.00. Following the transaction, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the transaction, the chief executive officer now owns 405,145 shares in the company, valued at approximately $21,898,087.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $53.72, for a total value of $392,156.00. Following the sale, the executive vice president now owns 133,004 shares in the company, valued at $7,144,974.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,837 shares of company stock valued at $6,018,383. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Darwin Global Management Ltd. bought a new stake in shares of Cytokinetics in the 2nd quarter worth approximately $246,074,000. Westfield Capital Management Co. LP purchased a new stake in shares of Cytokinetics in the first quarter worth $51,277,000. Norges Bank purchased a new stake in shares of Cytokinetics in the fourth quarter worth $60,299,000. Integral Health Asset Management LLC increased its holdings in shares of Cytokinetics by 122.2% during the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock valued at $54,180,000 after acquiring an additional 550,000 shares in the last quarter. Finally, Fisher Asset Management LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth about $44,754,000.

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.