Cytokinetics (NASDAQ:CYTK) Shares Gap Up After Analyst Upgrade

by · The Markets Daily

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report)’s share price gapped up prior to trading on Wednesday after HC Wainwright raised their price target on the stock from $90.00 to $120.00. The stock had previously closed at $54.33, but opened at $55.42. HC Wainwright currently has a buy rating on the stock. Cytokinetics shares last traded at $55.51, with a volume of 137,393 shares traded.

Several other research analysts also recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, September 3rd. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Monday, September 9th. JPMorgan Chase & Co. upped their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Get Our Latest Research Report on Cytokinetics

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the sale, the executive vice president now owns 118,920 shares in the company, valued at $6,195,732. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at approximately $6,195,732. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $55.82, for a total value of $279,100.00. Following the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,149,892. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,284 shares of company stock worth $4,606,411. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several large investors have recently added to or reduced their stakes in the stock. Bayesian Capital Management LP purchased a new position in Cytokinetics during the fourth quarter valued at $3,229,000. Oracle Alpha Inc. purchased a new position in Cytokinetics during the 4th quarter valued at about $518,000. One Fin Capital Management LP bought a new stake in Cytokinetics during the fourth quarter worth about $6,774,000. Octagon Capital Advisors LP purchased a new stake in Cytokinetics in the fourth quarter worth about $9,685,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cytokinetics in the fourth quarter worth about $1,448,000.

Cytokinetics Stock Down 2.3 %

The stock’s 50 day simple moving average is $55.04 and its two-hundred day simple moving average is $58.11. The firm has a market cap of $5.57 billion, a P/E ratio of -9.84 and a beta of 0.77. The company has a debt-to-equity ratio of 5.93, a current ratio of 10.39 and a quick ratio of 10.39.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million during the quarter, compared to the consensus estimate of $7.61 million. The firm’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.34) earnings per share. As a group, research analysts forecast that Cytokinetics, Incorporated will post -5.15 earnings per share for the current year.

About Cytokinetics

(Get Free Report)

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.

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