Cytokinetics (NASDAQ:CYTK) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTKFree Report) in a report published on Tuesday, Benzinga reports. The firm currently has a $94.00 price target on the biopharmaceutical company’s stock.

Several other research firms have also commented on CYTK. Needham & Company LLC reaffirmed a buy rating and set a $108.00 target price on shares of Cytokinetics in a report on Thursday, May 9th. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a research note on Wednesday, March 6th. UBS Group cut shares of Cytokinetics from a buy rating to a neutral rating and boosted their target price for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. Truist Financial restated a buy rating and set a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th. Finally, JMP Securities decreased their price objective on shares of Cytokinetics from $110.00 to $106.00 and set a market outperform rating for the company in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $81.60.

Check Out Our Latest Stock Analysis on CYTK

Cytokinetics Price Performance

CYTK stock opened at $59.36 on Tuesday. The company has a market capitalization of $6.11 billion, a P/E ratio of -10.99 and a beta of 0.72. Cytokinetics has a 12 month low of $25.98 and a 12 month high of $110.25. The firm’s fifty day simple moving average is $67.08 and its 200-day simple moving average is $62.68.

Cytokinetics (NASDAQ:CYTKGet Free Report) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. Cytokinetics’s revenue for the quarter was down 81.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.38) EPS. As a group, sell-side analysts forecast that Cytokinetics will post -4.63 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the transaction, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The disclosure for this sale can be found here. Insiders have sold 91,318 shares of company stock valued at $6,319,540 over the last ninety days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after acquiring an additional 273,565 shares during the period. First Turn Management LLC acquired a new stake in Cytokinetics during the fourth quarter worth about $67,414,000. Charles Schwab Investment Management Inc. raised its stake in Cytokinetics by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after purchasing an additional 33,257 shares during the period. Westfield Capital Management Co. LP acquired a new position in Cytokinetics in the 1st quarter valued at about $51,277,000. Finally, Norges Bank purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $60,299,000.

Cytokinetics Company Profile

(Get Free Report)

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

Further Reading

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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