Cytokinetics, Incorporated (CYTK) – What Are Investment Firms Thinking About This Stock?

Cytokinetics, Incorporated (NASDAQ:CYTK) has been given a consensus recommendation of “Moderate Buy” by the twenty-one analysts that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and nineteen have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $105.44.

CYTK has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Morgan Stanley raised Cytokinetics from an “overweight” rating to a “buy” rating in a research note on Tuesday, September 1st. Needham & Company LLC raised their price objective on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Thursday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Cytokinetics in a research report on Monday, August 31st.

Insider Buying and Selling

In other news, CEO Robert Blum sold 97,926 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total transaction of $6,789,209.58. Following the completion of the transaction, the chief executive officer owned 385,320 shares of the company’s stock, valued at $26,714,235.60. This represents a 20.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B. Parshall sold 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total transaction of $357,400.00. Following the transaction, the director owned 10,784 shares in the company, valued at approximately $770,840.32. The trade was a 31.68% 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. Over the last ninety days, insiders have sold 191,426 shares of company stock worth $13,601,885. 2.60% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

A number of institutional investors and hedge funds have recently made changes to their positions in CYTK. V Square Quantitative Management LLC increased its stake in shares of Cytokinetics by 71.5% in the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after buying an additional 191 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Cytokinetics during the second quarter valued at approximately $36,000. Rockefeller Capital Management L.P. raised its stake in shares of Cytokinetics by 842.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after purchasing an additional 573 shares in the last quarter. Western Wealth Management LLC bought a new stake in Cytokinetics during the first quarter worth approximately $53,000. Finally, EverSource Wealth Advisors LLC lifted its position in Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 549 shares during the period.

Cytokinetics Price Performance

Shares of CYTK opened at $61.95 on Wednesday. Cytokinetics has a 1-year low of $54.30 and a 1-year high of $88.31. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of -8.58 and a beta of 0.41. The firm has a 50 day simple moving average of $70.18 and a 200-day simple moving average of $73.28.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. The firm’s revenue was down 57.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.12) earnings per share. On average, equities analysts expect that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.