Cytokinetics, Incorporated (NASDAQ:CYTK) Expected to Earn FY2023 Earnings of ($4.51) Per Share

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Rating) – HC Wainwright decreased their FY2023 earnings per share estimates for Cytokinetics in a report released on Thursday, March 2nd. HC Wainwright analyst J. Pantginis now forecasts that the biopharmaceutical company will post earnings of ($4.51) per share for the year, down from their prior forecast of ($4.48). HC Wainwright currently has a “Buy” rating and a $56.00 target price on the stock. The consensus estimate for Cytokinetics’ current full-year earnings is ($4.54) per share. HC Wainwright also issued estimates for Cytokinetics’ FY2024 earnings at ($5.23) EPS.

A number of other research analysts have also commented on CYTK. JMP Securities restated a “market perform” rating and issued a $71.00 target price on shares of Cytokinetics in a research note on Thursday. Oppenheimer dropped their price objective on Cytokinetics from $55.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, March 1st. JPMorgan Chase & Co. dropped their price objective on Cytokinetics from $64.00 to $55.00 in a research note on Friday, December 9th. UBS Group dropped their price objective on Cytokinetics from $80.00 to $66.00 and set a “neutral” rating for the company in a research note on Thursday, December 15th. Finally, The Goldman Sachs Group dropped their price objective on Cytokinetics from $56.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.29.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $41.95 on Monday. The business has a fifty day simple moving average of $43.37 and a 200 day simple moving average of $45.01. The company has a current ratio of 9.40, a quick ratio of 11.56 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -9.87 and a beta of 0.85. Cytokinetics has a one year low of $33.10 and a one year high of $55.80.

Cytokinetics (NASDAQ:CYTK – Get Rating) last issued its quarterly earnings results on Wednesday, March 1st. The biopharmaceutical company reported ($1.45) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.23). Cytokinetics had a negative return on equity of 1,401.63% and a negative net margin of 410.89%. The business had revenue of $1.96 million for the quarter, compared to analyst estimates of $7.10 million. During the same quarter last year, the firm earned ($0.36) earnings per share. The firm’s quarterly revenue was down 96.5% compared to the same quarter last year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 10,000 shares of Cytokinetics stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $44.24, for a total value of $442,400.00. Following the sale, the chief executive officer now owns 406,412 shares of the company’s stock, valued at approximately $17,979,666.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cytokinetics news, CEO Robert I. Blum sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $44.24, for a total value of $442,400.00. Following the completion of the transaction, the chief executive officer now directly owns 406,412 shares in the company, valued at $17,979,666.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Wong sold 2,234 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $45.21, for a total value of $100,999.14. Following the completion of the transaction, the chief accounting officer now owns 24,789 shares of the company’s stock, valued at $1,120,710.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,238 shares of company stock valued at $1,439,679. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Cytokinetics by 25.1% during the 1st quarter. Vanguard Group Inc. now owns 8,741,124 shares of the biopharmaceutical company’s stock worth $321,760,000 after acquiring an additional 1,751,405 shares during the period. BlackRock Inc. boosted its stake in shares of Cytokinetics by 8.6% during the 3rd quarter. BlackRock Inc. now owns 14,569,992 shares of the biopharmaceutical company’s stock worth $705,918,000 after acquiring an additional 1,156,696 shares during the period. Norges Bank bought a new stake in Cytokinetics in the 4th quarter valued at $38,459,000. American Century Companies Inc. boosted its stake in Cytokinetics by 155.1% in the 4th quarter. American Century Companies Inc. now owns 1,181,817 shares of the biopharmaceutical company’s stock valued at $54,151,000 after purchasing an additional 718,472 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Cytokinetics by 119.7% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 1,093,447 shares of the biopharmaceutical company’s stock valued at $52,978,000 after purchasing an additional 595,708 shares during the period.

About Cytokinetics

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Cytokinetics, Inc is a biopharmaceutical company, which is focused on discovering, developing, and commercializing muscle activators and muscle inhibitors as potential treatments for people with debilitating diseases in which muscle performance is compromised and/or declining. The firm is developing small molecule drug candidates specifically engineered to impact muscle function and contractility.