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

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have earned a consensus rating of “Moderate Buy” from the twenty-one analysts that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seventeen have issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $89.8947.

A number of equities analysts have issued reports on the company. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Citizens Jmp boosted their price objective on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research note on Friday, January 9th. Mizuho lifted their target price on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Finally, B. Riley Financial boosted their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st.

Insider Buying and Selling at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 12,033 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at $9,565,009.30. The trade was a 7.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 26,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 50,440 shares of the company’s stock, valued at approximately $3,120,722.80. This represents a 34.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 137,854 shares of company stock worth $8,508,538. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently modified their holdings of CYTK. Lisanti Capital Growth LLC purchased a new stake in shares of Cytokinetics during the third quarter valued at $2,697,000. Sanders Morris Harris LLC purchased a new position in Cytokinetics in the 3rd quarter worth about $1,182,000. Hudson Bay Capital Management LP raised its holdings in Cytokinetics by 15.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after buying an additional 24,345 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Cytokinetics during the third quarter valued at about $1,359,000. Finally, Moody Aldrich Partners LLC purchased a new stake in Cytokinetics during the third quarter valued at about $4,532,000.

Cytokinetics Trading Up 1.1%

Shares of NASDAQ:CYTK opened at $66.61 on Friday. The company has a 50 day moving average of $63.71 and a 200-day moving average of $61.86. The firm has a market cap of $8.20 billion, a P/E ratio of -10.20 and a beta of 0.47. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data 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 company had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the previous year, the company earned ($1.26) EPS. Cytokinetics’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts forecast 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.