HC Wainwright Reaffirms “Buy” Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $120.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective would indicate a potential upside of 208.10% from the company’s current price.

CYTK has been the topic of several other research reports. JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Thursday, April 10th. Citigroup initiated coverage on shares of Cytokinetics in a report on Friday, February 7th. They issued a “buy” rating and a $86.00 target price for the company. Stifel Nicolaus initiated coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research note on Friday, March 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Down 2.2 %

Shares of CYTK stock traded down $0.86 during trading hours on Tuesday, reaching $38.95. 1,048,318 shares of the stock were exchanged, compared to its average volume of 1,802,609. Cytokinetics has a 12-month low of $32.74 and a 12-month high of $70.52. The business’s fifty day moving average is $42.95 and its two-hundred day moving average is $48.06. 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 firm has a market capitalization of $4.64 billion, a P/E ratio of -7.24 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. As a group, research analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 3,341 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the sale, the executive vice president now directly owns 64,434 shares in the company, valued at $2,788,059.18. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert I. Blum sold 16,970 shares of Cytokinetics stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now owns 364,181 shares of the company’s stock, valued at $15,820,022.64. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,170 shares of company stock worth $2,766,739 in the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 826 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Cytokinetics by 17.7% during the 1st quarter. Harbor Capital Advisors Inc. now owns 53,113 shares of the biopharmaceutical company’s stock valued at $2,135,000 after acquiring an additional 7,983 shares in the last quarter. UMB Bank n.a. lifted its stake in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 552 shares during the last quarter. E. Ohman J or Asset Management AB acquired a new position in Cytokinetics in the first quarter worth $13,232,000. Finally, RFG Advisory LLC bought a new stake in Cytokinetics during the first quarter valued at $1,286,000.

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.