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

by · The Markets Daily

Cytokinetics (NASDAQ:CYTK – Get Free Report)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They presently have a $120.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 112.80% from the stock’s current price.

Several other brokerages also recently weighed in on CYTK. JMP Securities restated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Thursday, October 17th. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $83.93.

Get Our Latest Stock Analysis on CYTK

Cytokinetics Stock Up 1.6 %

NASDAQ CYTK traded up $0.89 during trading hours on Thursday, hitting $56.39. The company had a trading volume of 1,282,812 shares, compared to its average volume of 2,075,245. Cytokinetics has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of -10.60 and a beta of 0.78. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39. The firm’s 50 day moving average is $54.11 and its 200 day moving average is $55.70.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (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. During the same period in the prior year, the company posted ($1.35) EPS. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. Sell-side analysts anticipate that Cytokinetics will post -5.15 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $51.63, for a total transaction of $258,150.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,520,653.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,236 shares of company stock worth $3,800,944 over the last quarter. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. Entropy Technologies LP boosted its stake in shares of Cytokinetics by 110.6% during the 1st quarter. Entropy Technologies LP now owns 19,433 shares of the biopharmaceutical company’s stock valued at $1,362,000 after buying an additional 10,205 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Cytokinetics during the 1st quarter valued at $4,703,000. Westfield Capital Management Co. LP acquired a new stake in shares of Cytokinetics during the 1st quarter valued at $51,277,000. Ghisallo Capital Management LLC acquired a new stake in shares of Cytokinetics during the 2nd quarter valued at $10,619,000. Finally, Castleark Management LLC acquired a new stake in shares of Cytokinetics during the 1st quarter valued at $1,471,000.

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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