Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Average Rating of “Moderate Buy” from Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned an average rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $89.8947.

A number of brokerages have recently issued reports on CYTK. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the stock a “buy” rating in a research note on Thursday, December 18th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Barclays started coverage on Cytokinetics in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 price target on the stock. Finally, Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 26,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at $3,120,722.80. This represents a 34.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the sale, the chief executive officer owned 430,330 shares of the company’s stock, valued at $26,745,009.50. The trade was a 7.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 139,663 shares of company stock worth $8,621,492 over the last quarter. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Several large investors have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after buying an additional 160 shares during the period. Kennedy Capital Management LLC boosted its holdings in Cytokinetics by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after acquiring an additional 162 shares in the last quarter. UMB Bank n.a. grew its stake in Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after acquiring an additional 169 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 171 shares during the period. Finally, Vident Advisory LLC increased its holdings in shares of Cytokinetics by 1.4% during the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after acquiring an additional 234 shares in the last quarter.

Cytokinetics Stock Down 1.5%

Shares of NASDAQ CYTK opened at $62.50 on Friday. The company has a market capitalization of $7.70 billion, a PE ratio of -9.57 and a beta of 0.56. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98. The firm has a fifty day simple moving average of $63.59 and a 200 day simple moving average of $61.51.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the prior year, the business earned ($1.26) earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Cytokinetics Company Profile

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.