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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $120.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 135.48% from the stock’s previous close.

Several other research firms have 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. Royal Bank of Canada assumed coverage on Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Monday. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $0.90 during mid-day trading on Monday, reaching $50.96. The company had a trading volume of 282,767 shares, compared to its average volume of 2,028,719. Cytokinetics has a one year low of $32.50 and a one year high of $110.25. The business’s 50-day simple moving average is $53.21 and its 200 day simple moving average is $54.35. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of -9.42 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last released 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 business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the prior year, the company posted ($1.35) earnings per share. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, research analysts predict that Cytokinetics will post -5.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total transaction of $366,168.00. Following the transaction, the executive vice president now directly owns 111,878 shares of the company’s stock, valued at approximately $5,611,800.48. The trade was a 6.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendall Wierenga sold 4,452 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the sale, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. The trade was a 15.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,378 shares of company stock valued at $3,880,287 in the last ninety days. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CYTK. Cetera Advisors LLC bought a new position in Cytokinetics during the first quarter worth $531,000. DNB Asset Management AS raised its position in shares of Cytokinetics by 9.8% in the 2nd quarter. DNB Asset Management AS now owns 7,231 shares of the biopharmaceutical company’s stock worth $392,000 after acquiring an additional 645 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Cytokinetics by 402.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 17,814 shares of the biopharmaceutical company’s stock valued at $965,000 after purchasing an additional 14,270 shares during the period. Mirador Capital Partners LP boosted its position in shares of Cytokinetics by 78.1% during the 2nd quarter. Mirador Capital Partners LP now owns 63,143 shares of the biopharmaceutical company’s stock valued at $3,421,000 after purchasing an additional 27,688 shares in the last quarter. Finally, Securian Asset Management Inc. grew its stake in Cytokinetics by 13.4% during the second quarter. Securian Asset Management Inc. now owns 9,144 shares of the biopharmaceutical company’s stock worth $495,000 after purchasing an additional 1,081 shares during the period.

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.