Cytokinetics (NASDAQ:CYTK) Shares Up 4.9% – Time to Buy?

Cytokinetics, Incorporated (NASDAQ:CYTK) shot up 4.9% during mid-day trading on Friday . The stock traded as high as $44.71 and last traded at $45.20. 314,826 shares changed hands during trading, a decline of 78% from the average session volume of 1,460,626 shares. The stock had previously closed at $43.10.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CYTK shares. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Citigroup began coverage on shares of Cytokinetics in a report on Friday, February 7th. They set a “buy” rating and a $86.00 price target for the company. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. Royal Bank of Canada boosted their target price 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. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Trading Up 5.4 %

The company has a fifty day simple moving average of $45.96 and a 200-day simple moving average of $49.92. The stock has a market cap of $5.38 billion, a price-to-earnings ratio of -8.44 and a beta of 0.95. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. On average, research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 16,970 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now owns 364,181 shares in the company, valued at approximately $15,820,022.64. This represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total transaction of $91,840.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,834 shares of company stock worth $1,949,275 over the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Cytokinetics by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock worth $505,780,000 after buying an additional 1,062,136 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cytokinetics by 4.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after buying an additional 109,938 shares during the period. Deep Track Capital LP boosted its holdings in shares of Cytokinetics by 296.9% during the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after buying an additional 1,870,094 shares during the period. Finally, Vestal Point Capital LP boosted its holdings in shares of Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after buying an additional 850,000 shares during the period.

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.