Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned a consensus rating of “Moderate Buy” from the twenty-one research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and seventeen have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $87.4211.

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, January 21st. Needham & Company LLC increased their price objective on Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Citizens Jmp raised their price objective on Cytokinetics from $78.00 to $88.00 and gave the company a “market outperform” rating in a research note on Monday, December 22nd. Finally, JPMorgan Chase & Co. upped their target price on Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the sale, the executive vice president directly owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. This trade represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares of the company’s stock, valued at $2,145,846.16. This represents a 38.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 163,760 shares of company stock valued at $10,623,787. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Quarry LP bought a new stake in Cytokinetics in the 3rd quarter valued at $30,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the 4th quarter worth $32,000. Advisory Services Network LLC bought a new position in shares of Cytokinetics during the 3rd quarter worth about $32,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Cytokinetics during the third quarter valued at about $40,000.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $60.24 on Friday. The business has a 50 day simple moving average of $63.47 and a 200 day simple moving average of $55.32. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $70.98. The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -9.58 and a beta of 0.54.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. Cytokinetics’s revenue was up 318.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.36) earnings per share. On average, analysts predict that Cytokinetics will post -5.24 EPS for the current year.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.