HC Wainwright Reaffirms Buy Rating for Cytokinetics (NASDAQ:CYTK)

HC Wainwright reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $120.00 price objective on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. Royal Bank of Canada started coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Cytokinetics Stock Up 3.4 %

CYTK opened at $51.94 on Monday. The business has a 50 day moving average price of $54.00 and a two-hundred day moving average price of $55.11. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market cap of $6.13 billion, a PE ratio of -9.65 and a beta of 0.78. Cytokinetics has a 52 week low of $30.68 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results 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 firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The company’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period last year, the business posted ($1.35) earnings per share. As a group, research analysts anticipate that Cytokinetics will post -4.32 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at $22,666,915.68. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 6,342 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the transaction, the executive vice president now owns 113,878 shares in the company, valued at approximately $6,659,585.44. This represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,078 shares of company stock worth $3,261,369. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in Cytokinetics by 21.3% during the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after acquiring an additional 12,565 shares during the last quarter. Ghisallo Capital Management LLC acquired a new position in shares of Cytokinetics during the second quarter valued at about $10,619,000. Castleark Management LLC acquired a new position in shares of Cytokinetics during the first quarter valued at about $1,471,000. Darwin Global Management Ltd. acquired a new position in shares of Cytokinetics during the second quarter valued at about $246,074,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Cytokinetics during the second quarter valued at about $983,000.

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.