Cytokinetics (NASDAQ:CYTK) Shares Gap Up Following Analyst Upgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $90.00 to $120.00. The stock had previously closed at $54.33, but opened at $55.42. HC Wainwright currently has a buy rating on the stock. Cytokinetics shares last traded at $55.51, with a volume of 137,393 shares trading hands.

Other equities analysts have also issued research reports about the company. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $82.67.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 11,500 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $59.49, for a total transaction of $684,135.00. Following the completion of the sale, the chief executive officer now owns 399,412 shares of the company’s stock, valued at $23,761,019.88. This represents 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 the SEC website. In other Cytokinetics news, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $59.49, for a total transaction of $684,135.00. Following the completion of the transaction, the chief executive officer now owns 399,412 shares of the company’s stock, valued at approximately $23,761,019.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $22,666,915.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,284 shares of company stock valued at $4,328,361 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. Verde Servicos Internacionais S.A. bought a new stake in shares of Cytokinetics in the 3rd quarter valued at $1,914,000. Handelsbanken Fonder AB increased its position in shares of Cytokinetics by 25.1% during the third quarter. Handelsbanken Fonder AB now owns 29,400 shares of the biopharmaceutical company’s stock worth $1,552,000 after buying an additional 5,900 shares during the period. Mirador Capital Partners LP raised its stake in Cytokinetics by 2.3% during the third quarter. Mirador Capital Partners LP now owns 64,626 shares of the biopharmaceutical company’s stock worth $3,412,000 after buying an additional 1,483 shares during the last quarter. Finally, Ghisallo Capital Management LLC bought a new position in Cytokinetics during the second quarter worth $10,619,000.

Cytokinetics Trading Up 1.3 %

The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of -10.06 and a beta of 0.77. The firm’s fifty day moving average is $55.22 and its 200-day moving average is $58.17.

Cytokinetics (NASDAQ:CYTK) last announced 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 during the quarter, compared to the consensus estimate of $7.61 million. During the same quarter last year, the company earned ($1.34) earnings per share. Cytokinetics’s revenue for the quarter was down 71.3% compared to the same quarter last year. Equities analysts anticipate that Cytokinetics, Incorporated will post -5.15 earnings per share for the current year.

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.