FY2024 Earnings Forecast for Cytokinetics Issued By B. Riley

Cytokinetics, Incorporated (NASDAQ:CYTK) – Research analysts at B. Riley boosted their FY2024 earnings per share estimates for shares of Cytokinetics in a research note issued to investors on Wednesday, February 5th. B. Riley analyst M. Mamtani now anticipates that the biopharmaceutical company will earn ($5.30) per share for the year, up from their previous estimate of ($5.60). The consensus estimate for Cytokinetics’ current full-year earnings is ($5.25) per share. B. Riley also issued estimates for Cytokinetics’ Q4 2024 earnings at ($1.30) EPS, FY2025 earnings at ($5.30) EPS, FY2026 earnings at ($5.20) EPS, FY2027 earnings at ($4.20) EPS, FY2028 earnings at ($2.20) EPS and FY2029 earnings at $1.10 EPS.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.35) EPS.

CYTK has been the subject of a number of other research reports. Mizuho lifted their price objective on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Thursday. JMP Securities restated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Tuesday, January 14th. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price for the company. Finally, Royal Bank of Canada boosted their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $82.79.

Cytokinetics Trading Down 8.4 %

Cytokinetics stock opened at $46.17 on Friday. Cytokinetics has a 12 month low of $44.49 and a 12 month high of $81.36. 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 stock has a market cap of $5.45 billion, a P/E ratio of -8.58 and a beta of 0.83. The company’s fifty day simple moving average is $48.50 and its 200-day simple moving average is $52.51.

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $50.76, for a total transaction of $253,800.00. Following the completion of the transaction, the chief executive officer now owns 397,678 shares of the company’s stock, valued at approximately $20,186,135.28. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 6,342 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the completion of the sale, the executive vice president now owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,464 shares of company stock worth $2,025,686 in the last 90 days. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently added to or reduced their stakes in CYTK. Raymond James Financial Inc. bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $254,000. Arizona State Retirement System boosted its stake in Cytokinetics by 1.9% during the fourth quarter. Arizona State Retirement System now owns 32,366 shares of the biopharmaceutical company’s stock worth $1,522,000 after buying an additional 600 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in Cytokinetics by 62.1% in the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock valued at $83,000 after buying an additional 671 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock valued at $62,807,000 after buying an additional 13,798 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in shares of Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 374 shares in 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.