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

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned an average rating of “Moderate Buy” from the eighteen research firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $82.00.

CYTK has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Friday, February 28th. Citigroup started coverage on shares of Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective on the stock. Stifel Nicolaus started coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Friday, February 7th. Finally, Royal Bank of Canada boosted their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $44.91 on Tuesday. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of -8.35 and a beta of 0.95. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics has a 52 week low of $40.53 and a 52 week high of $75.71. The firm’s 50-day simple moving average is $46.26 and its two-hundred day simple moving average is $50.23.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. As a group, equities analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 3,341 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the transaction, the executive vice president now owns 64,434 shares of the company’s stock, valued at $2,788,059.18. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert I. Blum sold 16,970 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total transaction of $737,176.80. Following the completion of the transaction, the chief executive officer now directly owns 364,181 shares of the company’s stock, valued at approximately $15,820,022.64. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,834 shares of company stock valued at $1,949,275. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harvey Capital Management Inc. purchased a new position in Cytokinetics in the 4th quarter worth approximately $1,040,000. Westfield Capital Management Co. LP grew its stake in Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after buying an additional 339,373 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after acquiring an additional 395,709 shares during the last quarter. abrdn plc lifted its holdings in shares of Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after acquiring an additional 102,457 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Cytokinetics by 24.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 344,448 shares of the biopharmaceutical company’s stock worth $18,187,000 after acquiring an additional 68,381 shares during the last quarter.

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.