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

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are currently 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 1-year price objective among analysts that have issued a report on the stock in the last year is $88.8333.

A number of equities analysts have recently commented on the stock. Leerink Partners raised their target price on shares of Cytokinetics from $83.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, February 26th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Barclays started coverage on Cytokinetics in a research report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 target price for the company. Royal Bank Of Canada increased their price target on Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. Finally, UBS Group restated a “neutral” rating and issued a $61.00 price objective on shares of Cytokinetics in a report on Monday, December 1st.

Cytokinetics Trading Down 1.3%

NASDAQ:CYTK opened at $61.43 on Tuesday. The company has a market cap of $7.51 billion, a price-to-earnings ratio of -9.41 and a beta of 0.54. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98. The stock has a fifty day simple moving average of $64.12 and a 200-day simple moving average of $59.07.

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

Insider Activity

In related news, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the transaction, the director owned 32,444 shares of the company’s stock, valued at $2,145,846.16. The trade was a 38.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Andrew Callos sold 15,000 shares of the company’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $61.93, for a total value of $928,950.00. Following the sale, the executive vice president owned 50,440 shares of the company’s stock, valued at approximately $3,123,749.20. This represents a 22.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 110,221 shares of company stock worth $7,101,425. 2.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares during the last quarter. State Street Corp boosted its holdings in shares of Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after buying an additional 207,961 shares in the last quarter. Deep Track Capital LP grew its position in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after acquiring an additional 384,469 shares in the last quarter.

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.