Cytokinetics (NASDAQ:CYTK) Posts Earnings Results

by · The Markets Daily

Cytokinetics (NASDAQ:CYTK – Get Free Report) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09), Briefing.com reports. The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period in the prior year, the company earned ($1.35) earnings per share. Cytokinetics’s revenue was up 22.5% on a year-over-year basis.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded up $0.34 during mid-day trading on Thursday, hitting $55.84. 2,047,139 shares of the stock were exchanged, compared to its average volume of 2,078,784. The company has a market cap of $6.57 billion, a P/E ratio of -10.60 and a beta of 0.78. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. Cytokinetics has a twelve month low of $30.68 and a twelve month high of $110.25. The stock’s fifty day simple moving average is $54.11 and its two-hundred day simple moving average is $55.70.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CYTK shares. The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Thursday. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Check Out Our Latest Report on Cytokinetics

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the sale, the executive vice president now directly owns 122,920 shares of the company’s stock, valued at $7,007,669.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a 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 company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $22,666,915.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,236 shares of company stock valued at $3,800,944. 3.40% of the stock is currently owned by corporate insiders.

About Cytokinetics

(Get Free Report)

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.

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