HC Wainwright Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

by · The Markets Daily

Cytokinetics (NASDAQ:CYTK – Get Free Report)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $90.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective would suggest a potential upside of 67.38% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. B. Riley cut their price target on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 3rd. Finally, JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.67.

Check Out Our Latest Report on Cytokinetics

Cytokinetics Trading Down 3.3 %

CYTK opened at $53.77 on Friday. The stock has a market capitalization of $5.64 billion, a P/E ratio of -9.96 and a beta of 0.77. Cytokinetics has a 12 month low of $25.98 and a 12 month high of $110.25. The firm’s fifty day simple moving average is $56.22 and its 200 day simple moving average is $59.24. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93.

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

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the transaction, the chief executive officer now owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $53.71, for a total transaction of $392,083.00. Following the completion of the sale, the executive vice president now directly owns 121,704 shares in the company, valued at $6,536,721.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.05, for a total transaction of $621,575.00. Following the sale, the chief executive officer now owns 405,145 shares of the company’s stock, valued at $21,898,087.25. The disclosure for this sale can be found here. Insiders sold a total of 107,837 shares of company stock valued at $6,018,383 in the last quarter. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Cytokinetics by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after purchasing an additional 273,565 shares during the period. Darwin Global Management Ltd. acquired a new stake in Cytokinetics in the second quarter worth $246,074,000. Integral Health Asset Management LLC grew its holdings in Cytokinetics by 122.2% in the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after purchasing an additional 550,000 shares during the period. Hood River Capital Management LLC grew its holdings in Cytokinetics by 5.9% in the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company’s stock worth $39,965,000 after purchasing an additional 40,990 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in Cytokinetics in the first quarter worth $51,277,000.

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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