HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK – Free Report) in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a $120.00 price objective on the biopharmaceutical company’s stock.
Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Royal Bank of Canada assumed coverage on shares of Cytokinetics in a research note on Friday, November 8th. They set an “outperform” rating and a $80.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Monday. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $83.93.
Read Our Latest Research Report on CYTK
Cytokinetics Price Performance
Cytokinetics (NASDAQ:CYTK – Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same period in the previous year, the business posted ($1.35) EPS. The firm’s revenue was up 22.5% on a year-over-year basis. As a group, research analysts predict that Cytokinetics will post -5.25 EPS for the current fiscal year.
Insider Activity at Cytokinetics
In related news, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the sale, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. This trade represents a 15.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $52.14, for a total value of $260,700.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at $20,723,355.84. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,994 shares of company stock worth $3,427,975. Company insiders own 3.40% of the company’s stock.
Hedge Funds Weigh In On Cytokinetics
Several institutional investors have recently bought and sold shares of CYTK. J.Safra Asset Management Corp boosted 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 valued at $29,000 after purchasing an additional 456 shares during the period. UMB Bank n.a. boosted its position in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares during the period. Blue Trust Inc. grew its stake in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Cytokinetics in the third quarter worth $54,000. Finally, Quarry LP increased its position in shares of Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after acquiring an additional 1,400 shares during the period.
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.
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