Cytokinetics’ (CYTK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Thursday, MarketBeat Ratings reports. HC Wainwright currently has a $120.00 target price on the biopharmaceutical company’s stock.

A number of other research firms have also issued reports on CYTK. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Needham & Company LLC reissued a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Trading Up 0.8 %

CYTK opened at $54.97 on Thursday. The firm has a market capitalization of $5.76 billion, a P/E ratio of -10.18 and a beta of 0.77. The firm’s 50 day moving average is $55.12 and its 200-day moving average is $57.36. Cytokinetics has a 52-week low of $30.37 and a 52-week 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.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. The firm’s revenue for the quarter was down 71.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.34) EPS. Analysts expect that Cytokinetics will post -5.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $57.02, for a total value of $416,246.00. Following the completion of the transaction, the executive vice president now owns 129,004 shares of the company’s stock, valued at $7,355,808.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $59.84, for a total transaction of $299,200.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at $1,232,704. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $57.02, for a total transaction of $416,246.00. Following the completion of the sale, the executive vice president now directly owns 129,004 shares of the company’s stock, valued at $7,355,808.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 84,584 shares of company stock valued at $4,722,898 over the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after acquiring an additional 273,565 shares during the last quarter. Darwin Global Management Ltd. acquired a new stake in Cytokinetics in the 2nd quarter valued at about $246,074,000. Integral Health Asset Management LLC lifted its stake in 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 buying an additional 550,000 shares in the last quarter. Hood River Capital Management LLC lifted its stake in Cytokinetics by 5.9% during the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock valued at $39,965,000 after buying an additional 40,990 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in Cytokinetics during the first quarter valued at about $51,277,000.

Cytokinetics Company Profile

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.