Zacks Investment Research cut shares of Cytokinetics Inc. (NASDAQ:CYTK) from a buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “

CYTK has been the subject of a number of other reports. FBR & Co reiterated a buy rating on shares of Cytokinetics in a research note on Friday, September 9th. Needham & Company LLC reiterated a buy rating and set a $17.00 target price on shares of Cytokinetics in a research note on Thursday, September 1st. Roth Capital reiterated a buy rating and set a $22.00 target price on shares of Cytokinetics in a research note on Thursday, August 18th. JMP Securities reiterated a buy rating and set a $17.00 target price on shares of Cytokinetics in a research note on Tuesday, August 2nd. Finally, Cowen and Company reiterated an outperform rating and set a $16.00 target price on shares of Cytokinetics in a research note on Wednesday, October 5th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Cytokinetics has a consensus rating of Buy and an average target price of $18.00.

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

Shares of Cytokinetics (NASDAQ:CYTK) opened at 9.25 on Tuesday. The company’s 50-day moving average price is $9.36 and its 200 day moving average price is $9.34. Cytokinetics has a 1-year low of $6.00 and a 1-year high of $13.18. The company’s market cap is $367.25 million.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by $0.02. Cytokinetics had a negative return on equity of 69.51% and a negative net margin of 132.01%. On average, analysts predict that Cytokinetics will post ($1.30) earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Cytokinetics by 173.0% in the second quarter. Public Employees Retirement System of Ohio now owns 51,066 shares of the biopharmaceutical company’s stock valued at $485,000 after buying an additional 32,360 shares in the last quarter. BVF Inc. IL increased its position in shares of Cytokinetics by 14.9% in the second quarter. BVF Inc. IL now owns 4,989,218 shares of the biopharmaceutical company’s stock valued at $47,348,000 after buying an additional 648,489 shares in the last quarter. State Street Corp increased its position in shares of Cytokinetics by 14.3% in the second quarter. State Street Corp now owns 623,246 shares of the biopharmaceutical company’s stock valued at $5,911,000 after buying an additional 77,786 shares in the last quarter. FMR LLC increased its position in shares of Cytokinetics by 56.0% in the second quarter. FMR LLC now owns 3,307,822 shares of the biopharmaceutical company’s stock valued at $31,391,000 after buying an additional 1,188,025 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Cytokinetics by 48.9% in the second quarter. Alliancebernstein L.P. now owns 26,500 shares of the biopharmaceutical company’s stock valued at $251,000 after buying an additional 8,700 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company. The Company is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions. Its drug candidates include tirasemtiv, CK-2127107 and omecamtiv mecarbil.

5 Day Chart for NASDAQ:CYTK

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