Cytokinetics (NASDAQ:CYTK) Receives “Buy” Rating from HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report issued on Wednesday, Benzinga reports. They presently have a $94.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price suggests a potential upside of 44.59% from the stock’s previous close.

Several other equities research analysts have also issued reports on CYTK. Needham & Company LLC restated a “buy” rating and set a $108.00 price target on shares of Cytokinetics in a research note on Tuesday, April 9th. Mizuho cut their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Truist Financial reissued a “buy” rating and issued a $86.00 price target on shares of Cytokinetics in a report on Monday, April 8th. UBS Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and raised their price target for the company from $61.00 to $92.00 in a report on Wednesday, January 24th. Finally, Oppenheimer reissued an “outperform” rating and issued a $107.00 price target on shares of Cytokinetics in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $79.33.

Cytokinetics Price Performance

NASDAQ CYTK traded down $0.27 during mid-day trading on Wednesday, reaching $65.01. 160,669 shares of the stock were exchanged, compared to its average volume of 2,730,363. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The stock has a 50 day simple moving average of $67.97 and a 200-day simple moving average of $61.64. The stock has a market cap of $6.80 billion, a P/E ratio of -11.93 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The company had revenue of $1.70 million for the quarter, compared to the consensus estimate of $7.62 million. Cytokinetics’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.45) EPS. Sell-side analysts anticipate that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John T. Henderson sold 5,000 shares of Cytokinetics stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the transaction, the director now owns 42,632 shares in the company, valued at approximately $3,260,495.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director John T. Henderson sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the transaction, the director now directly owns 42,632 shares in the company, valued at approximately $3,260,495.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the transaction, the executive vice president now owns 138,973 shares of the company’s stock, valued at approximately $9,389,015.88. The disclosure for this sale can be found here. Insiders have sold a total of 96,318 shares of company stock valued at $6,701,940 in the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. First Turn Management LLC purchased a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $67,414,000. Norges Bank purchased a new position in Cytokinetics in the 4th quarter valued at approximately $60,299,000. Assenagon Asset Management S.A. purchased a new position in Cytokinetics in the 4th quarter valued at approximately $46,308,000. Fisher Asset Management LLC purchased a new position in Cytokinetics during the fourth quarter worth $44,754,000. Finally, Vanguard Group Inc. increased its position in Cytokinetics by 4.6% during the third quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after buying an additional 472,595 shares in the last quarter.

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.