Cytokinetics (NASDAQ:CYTK) Announces Earnings Results

Cytokinetics (NASDAQ:CYTKGet Rating) released its earnings results on Wednesday. The biopharmaceutical company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.94) by ($0.11), MarketWatch Earnings reports. The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.72 million. Cytokinetics had a negative net margin of 396.22% and a negative return on equity of 150.16%. The business’s revenue was down 82.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.66) EPS.

CYTK stock traded down $2.28 during midday trading on Friday, hitting $38.06. 848,526 shares of the company’s stock were exchanged, compared to its average volume of 853,177. Cytokinetics has a 1-year low of $17.72 and a 1-year high of $47.90. The company has a current ratio of 7.45, a quick ratio of 7.45 and a debt-to-equity ratio of 0.59. The business has a 50-day simple moving average of $37.87 and a two-hundred day simple moving average of $37.49. The stock has a market capitalization of $3.25 billion, a PE ratio of -11.82 and a beta of 1.22.

In other news, EVP Fady Ibraham Malik sold 26,852 shares of Cytokinetics stock in a transaction on Thursday, March 10th. The stock was sold at an average price of $37.82, for a total value of $1,015,542.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 10,000 shares of Cytokinetics stock in a transaction on Wednesday, February 16th. The shares were sold at an average price of $36.50, for a total value of $365,000.00. The disclosure for this sale can be found here. Insiders sold 175,196 shares of company stock valued at $6,625,241 over the last ninety days. Insiders own 5.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Advisor Group Holdings Inc. boosted its holdings in Cytokinetics by 14.9% in the first quarter. Advisor Group Holdings Inc. now owns 5,930 shares of the biopharmaceutical company’s stock valued at $154,000 after purchasing an additional 767 shares during the period. OLD Mission Capital LLC purchased a new position in Cytokinetics in the third quarter valued at $239,000. Janus Henderson Group PLC purchased a new position in Cytokinetics in the third quarter valued at $265,000. Royal Bank of Canada boosted its holdings in Cytokinetics by 22.0% in the third quarter. Royal Bank of Canada now owns 10,279 shares of the biopharmaceutical company’s stock valued at $367,000 after purchasing an additional 1,857 shares during the period. Finally, Glenmede Trust Co. NA boosted its holdings in Cytokinetics by 3.9% in the fourth quarter. Glenmede Trust Co. NA now owns 12,106 shares of the biopharmaceutical company’s stock valued at $551,000 after purchasing an additional 459 shares during the period.

CYTK has been the topic of several research reports. The Goldman Sachs Group initiated coverage on Cytokinetics in a research report on Friday, January 28th. They issued a “buy” rating and a $74.00 target price on the stock. HC Wainwright increased their price target on Cytokinetics from $69.00 to $75.00 in a report on Friday, April 29th. Cantor Fitzgerald cut their price target on Cytokinetics from $57.00 to $53.00 in a report on Thursday, February 17th. Needham & Company LLC increased their price target on Cytokinetics from $52.00 to $60.00 in a report on Thursday. Finally, StockNews.com began coverage on Cytokinetics in a report on Thursday, March 31st. They issued a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $55.50.

Cytokinetics Company Profile (Get Rating)

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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Earnings History for Cytokinetics (NASDAQ:CYTK)

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