Cytokinetics’ (CYTK) “Buy” Rating Reaffirmed at HC Wainwright

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

Several other analysts have also recently commented on CYTK. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a report on Sunday, August 10th. B. Riley lifted their price target on Cytokinetics from $74.00 to $80.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Barclays lifted their price target on Cytokinetics from $53.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Finally, Raymond James Financial assumed coverage on Cytokinetics in a report on Wednesday, July 30th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $75.71.

Cytokinetics Trading Up 6.9%

Cytokinetics stock opened at $53.89 on Monday. The stock has a market cap of $6.45 billion, a PE ratio of -10.57 and a beta of 0.62. The stock has a 50-day moving average price of $42.16 and a 200 day moving average price of $38.20. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $59.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to analysts’ expectations of $1.95 million. The firm’s quarterly revenue was up 26727.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.31) EPS. On average, equities analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $38.15, for a total value of $190,750.00. Following the transaction, the chief executive officer directly owned 393,108 shares of the company’s stock, valued at $14,997,070.20. This represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total value of $98,560.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at approximately $6,929,260.80. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,756 shares of company stock valued at $1,452,550. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors have recently made changes to their positions in CYTK. Norges Bank acquired a new position in shares of Cytokinetics in the 2nd quarter valued at approximately $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its position in shares of Cytokinetics by 571.2% in the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after purchasing an additional 921,278 shares in the last quarter. Paradigm Biocapital Advisors LP acquired a new position in shares of Cytokinetics in the 1st quarter valued at approximately $34,510,000. Jennison Associates LLC acquired a new position in shares of Cytokinetics in the 1st quarter valued at approximately $27,085,000. Finally, Frazier Life Sciences Management L.P. acquired a new position in shares of Cytokinetics in the 2nd quarter valued at approximately $18,328,000.

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.