FY2024 EPS Estimates for Cytokinetics Cut by HC Wainwright

Cytokinetics, Incorporated (NASDAQ:CYTK) – HC Wainwright lowered their FY2024 earnings estimates for Cytokinetics in a note issued to investors on Thursday, November 7th. HC Wainwright analyst J. Pantginis now forecasts that the biopharmaceutical company will earn ($5.39) per share for the year, down from their prior estimate of ($5.24). HC Wainwright currently has a “Buy” rating and a $120.00 target price on the stock. The consensus estimate for Cytokinetics’ current full-year earnings is ($5.20) per share. HC Wainwright also issued estimates for Cytokinetics’ Q4 2024 earnings at ($1.37) EPS.

A number of other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. The Goldman Sachs Group cut shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. JMP Securities reissued a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $83.67.

Cytokinetics Stock Up 3.8 %

Shares of NASDAQ:CYTK opened at $57.98 on Monday. The business’s 50 day moving average is $54.10 and its 200 day moving average is $55.49. The stock has a market cap of $6.82 billion, a P/E ratio of -10.78 and a beta of 0.78. Cytokinetics has a 52-week low of $30.68 and a 52-week high of $110.25. 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 (NASDAQ:CYTK) last issued its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the previous year, the business posted ($1.35) earnings per share. The business’s revenue for the quarter was up 22.5% on a year-over-year basis.

Institutional Trading of Cytokinetics

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Cytokinetics by 19.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,416 shares of the biopharmaceutical company’s stock worth $239,000 after purchasing an additional 558 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Cytokinetics by 162.7% in the 1st quarter. Oppenheimer & Co. Inc. now owns 8,328 shares of the biopharmaceutical company’s stock valued at $584,000 after buying an additional 5,158 shares during the period. Swiss National Bank boosted its stake in shares of Cytokinetics by 2.3% in the first quarter. Swiss National Bank now owns 174,200 shares of the biopharmaceutical company’s stock worth $12,213,000 after buying an additional 3,900 shares during the last quarter. Sei Investments Co. grew its holdings in Cytokinetics by 20.1% during the first quarter. Sei Investments Co. now owns 58,314 shares of the biopharmaceutical company’s stock worth $4,088,000 after acquiring an additional 9,779 shares during the period. Finally, Inspire Investing LLC raised its position in Cytokinetics by 13.5% during the first quarter. Inspire Investing LLC now owns 5,087 shares of the biopharmaceutical company’s stock valued at $357,000 after acquiring an additional 605 shares in the last quarter.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total transaction of $285,150.00. Following the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,384 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now directly owns 122,920 shares in the company, valued at $7,007,669.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,736 shares of company stock valued at $2,890,489 in the last three months. 3.40% of the stock is owned by insiders.

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.