Cytokinetics’ (CYTK) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a report released on Thursday,Benzinga reports. HC Wainwright currently has a $120.00 price objective on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on CYTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. lifted their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $83.67.

Cytokinetics Stock Performance

Cytokinetics stock traded up $2.22 during trading hours on Thursday, reaching $58.06. 865,317 shares of the company were exchanged, compared to its average volume of 2,073,192. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a 50-day moving average of $54.08 and a 200 day moving average of $55.70. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of -10.40 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last released its 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 business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same period last year, the company posted ($1.35) earnings per share. Cytokinetics’s revenue was up 22.5% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics will post -5.15 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the transaction, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total value of $285,150.00. Following the completion of the transaction, the chief executive officer now owns 397,456 shares in the company, valued at $22,666,915.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the transaction, the director now owns 24,559 shares in the company, valued at $1,283,207.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,236 shares of company stock worth $3,800,944 in the last three months. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds have recently added to or reduced their stakes in the company. J.Safra Asset Management Corp lifted its holdings in Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 456 shares during the period. UMB Bank n.a. increased its holdings in Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Blue Trust Inc. increased its holdings in Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the last quarter. Values First Advisors Inc. acquired a new position in Cytokinetics in the third quarter valued at about $54,000. Finally, EntryPoint Capital LLC bought a new position in Cytokinetics during the first quarter worth about $74,000.

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.