Recent Investment Analysts’ Ratings Changes for Cytokinetics (CYTK)

A number of research firms have changed their ratings and price targets for Cytokinetics (NASDAQ: CYTK):

• 3/7/2023 – Cytokinetics had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $61.00 price target on the stock.
• 3/6/2023 – Cytokinetics is now covered by analysts at Mizuho. They set a “buy” rating and a $80.00 price target on the stock.
• 3/2/2023 – Cytokinetics had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $56.00 to $48.00. They now have a “buy” rating on the stock.
• 3/2/2023 – Cytokinetics had its “buy” rating reaffirmed by analysts at JMP Securities. They now have a $71.00 price target on the stock.
• 3/1/2023 – Cytokinetics had its price target lowered by analysts at Oppenheimer Holdings Inc. from $55.00 to $54.00. They now have an “outperform” rating on the stock.
• 3/1/2023 – Cytokinetics had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $58.00 price target on the stock.
• 2/17/2023 – Cytokinetics is now covered by analysts at Bank of America Co.. They set a “neutral” rating and a $49.00 price target on the stock.
• 1/17/2023 – Cytokinetics had its price target raised by analysts at The Goldman Sachs Group, Inc. from $47.00 to $56.00. They now have a “buy” rating on the stock.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $37.27 on Tuesday. The company has a current ratio of 9.40, a quick ratio of 9.40 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $3.55 billion, a PE ratio of -8.77 and a beta of 0.85. The business’s 50-day moving average price is $42.63 and its 200-day moving average price is $44.55. Cytokinetics, Incorporated has a 12 month low of $33.10 and a 12 month high of $55.80.

Cytokinetics (NASDAQ:CYTK – Get Rating) last posted its quarterly earnings results on Wednesday, March 1st. The biopharmaceutical company reported ($1.45) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.96 million for the quarter, compared to the consensus estimate of $7.10 million. During the same quarter in the previous year, the business earned ($0.36) earnings per share. Cytokinetics’s revenue was down 96.5% compared to the same quarter last year. Sell-side analysts forecast that Cytokinetics, Incorporated will post -4.41 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, CAO Robert Wong sold 2,234 shares of Cytokinetics stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $45.21, for a total transaction of $100,999.14. Following the completion of the transaction, the chief accounting officer now owns 24,789 shares in the company, valued at $1,120,710.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 4,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $39.10, for a total value of $156,400.00. Following the completion of the sale, the executive vice president now owns 171,183 shares in the company, valued at $6,693,255.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Robert Wong sold 2,234 shares of the company’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $45.21, for a total value of $100,999.14. Following the completion of the sale, the chief accounting officer now owns 24,789 shares of the company’s stock, valued at approximately $1,120,710.69. The disclosure for this sale can be found here. Insiders sold a total of 49,738 shares of company stock worth $2,095,329 in the last quarter. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. lifted its stake in shares of Cytokinetics by 14.9% in the 1st 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 last quarter. JPMorgan Chase & Co. raised its holdings in shares of Cytokinetics by 21.0% in the first quarter. JPMorgan Chase & Co. now owns 65,026 shares of the biopharmaceutical company’s stock worth $2,394,000 after buying an additional 11,299 shares during the period. Raymond James & Associates purchased a new stake in shares of Cytokinetics in the first quarter worth approximately $564,000. PNC Financial Services Group Inc. raised its holdings in shares of Cytokinetics by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 6,454 shares of the biopharmaceutical company’s stock worth $236,000 after buying an additional 372 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of Cytokinetics by 1.9% in the first quarter. Bank of Montreal Can now owns 24,711 shares of the biopharmaceutical company’s stock worth $940,000 after buying an additional 456 shares during the period.

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.