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

HC Wainwright reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report report published on Friday,Benzinga reports.

A number of other brokerages also recently issued reports on CYTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Monday, December 2nd. Royal Bank of Canada upped their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Mizuho boosted their price target on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $83.64.

Cytokinetics Trading Down 1.6 %

Shares of NASDAQ:CYTK opened at $46.62 on Friday. Cytokinetics has a 52 week low of $45.17 and a 52 week high of $100.49. The company’s 50 day moving average is $50.53 and its two-hundred day moving average is $53.52. The company has a market cap of $5.50 billion, a PE ratio of -8.67 and a beta of 0.82. 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 posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. Cytokinetics’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.35) earnings per share. Equities analysts predict that Cytokinetics will post -5.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $51.63, for a total value of $258,150.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,520,653.28. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 6,342 shares of Cytokinetics stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the sale, the executive vice president now owns 113,878 shares in the company, valued at approximately $6,659,585.44. This trade represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,516 shares of company stock worth $3,103,023. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently made changes to their positions in the stock. Darwin Global Management Ltd. acquired a new position in Cytokinetics during the second quarter worth about $246,074,000. Geode Capital Management LLC boosted its stake 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 acquiring an additional 109,938 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after acquiring an additional 395,709 shares during the period. Westfield Capital Management Co. LP increased its stake in Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Cytokinetics by 17.2% during the third quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock worth $60,399,000 after purchasing an additional 167,501 shares during the last quarter.

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.