Cytokinetics (NASDAQ:CYTK) Given “Market Outperform” Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report released on Wednesday, Benzinga reports. JMP Securities currently has a $78.00 price target on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays dropped their target price on shares of Cytokinetics from $100.00 to $95.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. The Goldman Sachs Group cut shares of Cytokinetics from a buy rating to a neutral rating and cut their target price for the company from $85.00 to $60.00 in a research note on Tuesday, August 13th. Raymond James decreased their price target on Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a research report on Thursday, May 23rd. B. Riley cut their price objective on Cytokinetics from $122.00 to $92.00 and set a buy rating for the company in a research report on Tuesday, June 4th. Finally, Oppenheimer decreased their target price on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cytokinetics has an average rating of Moderate Buy and an average target price of $80.27.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $54.89 on Wednesday. The stock has a market cap of $6.46 billion, a P/E ratio of -10.16 and a beta of 0.75. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25. The company’s 50-day simple moving average is $56.19 and its 200 day simple moving average is $60.88.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to analyst estimates of $7.61 million. The company’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.34) earnings per share. As a group, research analysts forecast that Cytokinetics will post -5.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Muna Bhanji sold 2,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $52.07, for a total transaction of $104,140.00. Following the completion of the transaction, the director now directly owns 17,631 shares in the company, valued at approximately $918,046.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Muna Bhanji sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $52.07, for a total value of $104,140.00. Following the sale, the director now directly owns 17,631 shares of the company’s stock, valued at $918,046.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,082,530. The disclosure for this sale can be found here. Insiders sold a total of 145,125 shares of company stock worth $7,981,849 in the last quarter. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. J.Safra Asset Management Corp grew its holdings in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Cytokinetics during the first quarter valued at about $74,000. Bessemer Group Inc. increased its holdings in shares of Cytokinetics by 25,100.0% in the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,255 shares during the period. Finally, Quarry LP lifted its stake in shares of Cytokinetics by 233.3% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 1,400 shares during the last quarter.

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.