Cytokinetics (NASDAQ:CYTK) Earns Buy Rating from HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They presently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price indicates a potential upside of 94.20% from the stock’s previous close.

CYTK has been the topic of several other research reports. Mizuho boosted their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Truist Financial lifted their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Royal Bank Of Canada lowered their target price on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Wall Street Zen lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Nineteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $102.20.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $72.09 on Monday. The stock has a 50 day moving average of $80.12 and a two-hundred day moving average of $72.29. Cytokinetics has a 12 month low of $35.22 and a 12 month high of $88.31. The company has a market capitalization of $8.97 billion, a P/E ratio of -9.98 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. The business’s revenue for the quarter was down 57.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.12) earnings per share. Sell-side analysts predict that Cytokinetics will post -6 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Sung Lee sold 1,112 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the sale, the executive vice president owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $11,668,849.64. This trade represents a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 88,246 shares of company stock worth $7,098,877 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics in the fourth quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics in the fourth quarter valued at about $29,000. Quarry LP acquired a new position in Cytokinetics during the 3rd quarter worth about $30,000. Finally, Advisory Services Network LLC acquired a new position in Cytokinetics during the 3rd quarter worth about $32,000.

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.