Cytokinetics (NASDAQ:CYTK) Posts Earnings Results, Misses Expectations By $0.09 EPS

Cytokinetics (NASDAQ:CYTK) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09), Briefing.com reports. The company had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.35) earnings per share.

Cytokinetics Price Performance

NASDAQ:CYTK traded up $2.14 during trading hours on Friday, hitting $57.98. 1,719,834 shares of the stock traded hands, compared to its average volume of 2,077,130. The company has a market cap of $6.82 billion, a price-to-earnings ratio of -10.80 and a beta of 0.78. Cytokinetics has a 1 year low of $30.68 and a 1 year high of $110.25. The stock has a 50 day moving average price of $54.10 and a 200 day moving average price of $55.64. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93.

Insider Transactions at Cytokinetics

In related news, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction on Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $52.25, for a total transaction of $232,617.00. Following the sale, the director now owns 24,559 shares of the company’s stock, valued at approximately $1,283,207.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert I. Blum sold 11,500 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $55.17, for a total value of $634,455.00. Following the completion of the transaction, the chief executive officer now directly owns 399,412 shares in the company, valued at approximately $22,035,560.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 70,236 shares of company stock valued at $3,800,944 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank of Canada started coverage on Cytokinetics in a research note on Friday. They issued an “outperform” rating and a $80.00 price target for the company. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Finally, The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

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.