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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a report issued on Friday,Benzinga reports.

A number of other research analysts have also recently issued reports on CYTK. Royal Bank of Canada lifted their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Monday, December 2nd. Mizuho upped their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $46.62 on Friday. Cytokinetics has a one year low of $45.17 and a one year high of $100.49. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of -8.67 and a beta of 0.82. The stock’s fifty day moving average price is $50.42 and its two-hundred day moving average price is $53.48.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the prior year, the company earned ($1.35) earnings per share. On average, equities analysts forecast that Cytokinetics will post -5.25 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 6,342 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This represents a 5.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wendall Wierenga sold 742 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $48.61, for a total transaction of $36,068.62. Following the completion of the sale, the director now owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,516 shares of company stock valued at $3,103,023. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in Cytokinetics by 10.2% during the second quarter. Victory Capital Management Inc. now owns 37,039 shares of the biopharmaceutical company’s stock worth $2,007,000 after acquiring an additional 3,436 shares during the period. Quest Partners LLC purchased a new stake in Cytokinetics during the second quarter worth about $398,000. Federated Hermes Inc. raised its position in Cytokinetics by 204.6% in the second quarter. Federated Hermes Inc. now owns 26,098 shares of the biopharmaceutical company’s stock worth $1,414,000 after acquiring an additional 17,530 shares during the period. WINTON GROUP Ltd bought a new position in shares of Cytokinetics during the 2nd quarter valued at approximately $983,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $14,957,000.

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.