Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Cytokinetics, Incorporated (NASDAQ:CYTK) has been given a consensus recommendation of “Moderate Buy” by the twenty-two research firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $99.30.

A number of brokerages have commented on CYTK. Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Citigroup began coverage on Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price objective for the company. HC Wainwright raised their price objective on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Morgan Stanley raised their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $84.00 price objective on Cytokinetics in a research report on Tuesday, March 10th.

Insider Activity

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the sale, the chief executive officer owned 385,330 shares of the company’s stock, valued at $27,150,351.80. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 115,669 shares of company stock worth $7,957,015. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares in the last quarter. Hudson Bay Capital Management LP raised its stake in shares of Cytokinetics by 15.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after acquiring an additional 24,345 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Cytokinetics by 23.4% in the 3rd quarter. TD Asset Management Inc now owns 671,780 shares of the biopharmaceutical company’s stock valued at $36,921,000 after acquiring an additional 127,488 shares in the last quarter. Knott David M Jr bought a new position in shares of Cytokinetics in the 3rd quarter valued at approximately $1,649,000. Finally, Boxer Capital Management LLC bought a new position in shares of Cytokinetics in the 3rd quarter valued at approximately $10,992,000.

Cytokinetics Price Performance

CYTK stock opened at $71.38 on Thursday. Cytokinetics has a 52-week low of $31.99 and a 52-week high of $80.20. The company’s 50 day simple moving average is $70.50 and its 200-day simple moving average is $66.08. The firm has a market capitalization of $8.88 billion, a P/E ratio of -10.44 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same quarter in the prior year, the firm earned ($1.36) EPS. The firm’s revenue was up 1112.5% compared to the same quarter last year. Sell-side analysts predict that Cytokinetics will post -6.29 EPS for the current fiscal year.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.