Cytokinetics (NASDAQ:CYTK) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note released on Monday,Benzinga reports. HC Wainwright currently has a $120.00 price target on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on CYTK. Needham & Company LLC reissued a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Mizuho dropped their target price on Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, May 29th. JPMorgan Chase & Co. dropped their target price on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating on the stock in a research report on Monday, June 9th. Barclays lifted their target price on Cytokinetics from $53.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Finally, Wall Street Zen raised Cytokinetics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $75.71.

Cytokinetics Price Performance

NASDAQ CYTK opened at $48.25 on Monday. The firm has a market cap of $5.77 billion, a P/E ratio of -9.46 and a beta of 0.62. The stock’s 50-day moving average is $40.98 and its 200-day moving average is $38.00. Cytokinetics has a one year low of $29.31 and a one year high of $59.39.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. The company’s revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.31) EPS. Equities analysts anticipate that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $51.29, for a total value of $102,580.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $7,211,886.90. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $38.15, for a total value of $190,750.00. Following the completion of the transaction, the chief executive officer owned 393,108 shares of the company’s stock, valued at approximately $14,997,070.20. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,756 shares of company stock worth $1,353,990 over the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Fifth Third Bancorp boosted its stake in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock worth $39,000 after acquiring an additional 291 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Cytokinetics by 2,872.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after acquiring an additional 1,264 shares during the period. Parallel Advisors LLC boosted its stake in shares of Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after acquiring an additional 916 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 826 shares during the period.

Cytokinetics Company Profile

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.