Cytokinetics (NASDAQ:CYTK) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a $90.00 price target on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the company. Bank of America lowered their price objective on Cytokinetics from $70.00 to $60.00 and set a neutral rating for the company in a research report on Thursday, May 23rd. B. Riley dropped their price target on Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Raymond James reduced their price objective on shares of Cytokinetics from $92.00 to $70.00 and set an outperform rating for the company in a research report on Thursday, May 23rd. Truist Financial dropped their target price on shares of Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, May 29th. Finally, Oppenheimer reduced their price target on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of Moderate Buy and an average price target of $80.67.

Cytokinetics Price Performance

Cytokinetics stock opened at $54.09 on Tuesday. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The stock’s 50 day moving average is $56.23 and its 200 day moving average is $60.69. The firm has a market cap of $5.67 billion, a P/E ratio of -10.02 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. During the same quarter in the prior year, the company posted ($1.34) earnings per share. The business’s revenue was down 71.3% on a year-over-year basis. As a group, research analysts expect that Cytokinetics will post -5.1 EPS for the current year.

Insider Transactions at Cytokinetics

In related news, Director Muna Bhanji sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $52.07, for a total transaction of $104,140.00. Following the transaction, the director now owns 17,631 shares of the company’s stock, valued at $918,046.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Muna Bhanji sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $52.07, for a total transaction of $104,140.00. Following the transaction, the director now directly owns 17,631 shares of the company’s stock, valued at $918,046.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,788 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $53.04, for a total transaction of $413,075.52. Following the completion of the sale, the executive vice president now directly owns 135,004 shares of the company’s stock, valued at $7,160,612.16. The disclosure for this sale can be found here. Insiders sold a total of 145,125 shares of company stock valued at $7,981,849 over the last ninety days. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of CYTK. J.Safra Asset Management Corp grew its stake in Cytokinetics by 642.3% in the 2nd 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. Fifth Third Bancorp grew its position in Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the period. EntryPoint Capital LLC purchased a new stake in Cytokinetics during the first quarter worth about $74,000. Bessemer Group Inc. raised its position in Cytokinetics by 25,100.0% in the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 1,255 shares during the period. Finally, Quarry LP raised its position in Cytokinetics by 233.3% in 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.

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.