Cytokinetics’ (CYTK) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Cytokinetics (NASDAQ:CYTK) in a research report released on Tuesday morning,Benzinga reports. They currently have a $78.00 target price on the biopharmaceutical company’s stock.

Several other brokerages have also recently weighed in on CYTK. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research note on Monday, December 2nd. Royal Bank of Canada lifted their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Friday, January 10th. Finally, Mizuho lifted their target price on Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Stock Down 3.2 %

CYTK stock opened at $45.23 on Tuesday. Cytokinetics has a fifty-two week low of $44.49 and a fifty-two week high of $86.63. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The business’s fifty day moving average price is $50.33 and its two-hundred day moving average price is $53.44. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of -8.41 and a beta of 0.82.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. During the same period in the previous year, the business posted ($1.35) earnings per share. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. On average, equities analysts anticipate that Cytokinetics will post -5.25 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $51.91, for a total value of $378,943.00. Following the completion of the sale, the executive vice president now directly owns 114,920 shares in the company, valued at $5,965,497.20. This represents a 5.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Wendall Wierenga sold 742 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $48.61, for a total transaction of $36,068.62. Following the sale, the director now owns 24,559 shares in the company, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,216 shares of company stock worth $2,707,436 over the last three months. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp increased its stake in Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after purchasing an additional 12,565 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after buying an additional 339,373 shares during the last quarter. Ghisallo Capital Management LLC purchased a new position in Cytokinetics in the second quarter worth $10,619,000. Darwin Global Management Ltd. acquired a new position in Cytokinetics during the 2nd quarter valued at about $246,074,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Cytokinetics during the second quarter valued at about $983,000.

Cytokinetics Company Profile

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.