Cytokinetics (NASDAQ:CYTK) Upgraded to “Hold” at Wall Street Zen

Cytokinetics (NASDAQ:CYTK) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research report issued on Sunday.

Several other equities research analysts also recently weighed in on the company. Citigroup decreased their price objective on Cytokinetics from $80.00 to $77.00 and set a “buy” rating for the company in a report on Friday. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Monday, April 21st. JPMorgan Chase & Co. decreased their price objective on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating for the company in a report on Monday, June 9th. Cantor Fitzgerald raised Cytokinetics to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Barclays decreased their price objective on Cytokinetics from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.69.

Cytokinetics Stock Down 2.6%

Shares of Cytokinetics stock opened at $33.23 on Friday. The firm has a market capitalization of $3.98 billion, a P/E ratio of -6.52 and a beta of 0.64. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $59.39. The firm’s 50 day moving average is $34.92 and its two-hundred day moving average is $38.51.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. Cytokinetics’s revenue was up 26727.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.31) earnings per share. As a group, research analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $36.34, for a total value of $72,680.00. Following the completion of the sale, the executive vice president owned 140,610 shares of the company’s stock, valued at approximately $5,109,767.40. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Muna Bhanji sold 1,454 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the completion of the sale, the director directly owned 23,510 shares of the company’s stock, valued at approximately $698,952.30. This trade represents a 5.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,749 shares of company stock valued at $1,350,617 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. lifted its holdings in Cytokinetics by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after acquiring an additional 1,062,136 shares during the period. Geode Capital Management LLC raised its stake in shares of Cytokinetics by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock worth $98,948,000 after buying an additional 56,961 shares during the last quarter. Vestal Point Capital LP raised its stake in shares of Cytokinetics by 10.2% during the 1st quarter. Vestal Point Capital LP now owns 2,590,531 shares of the biopharmaceutical company’s stock worth $104,113,000 after buying an additional 240,531 shares during the last quarter. Deep Track Capital LP raised its stake in shares of Cytokinetics by 296.9% during the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after buying an additional 1,870,094 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Cytokinetics by 14.9% during the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company’s stock worth $101,292,000 after buying an additional 279,612 shares during the last quarter.

About Cytokinetics

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.