Cytokinetics (CYTK) Cut to Hold at ValuEngine

Cytokinetics (NASDAQ:CYTK) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Thursday.

A number of other analysts have also commented on the company. Piper Jaffray Companies decreased their target price on Cytokinetics to $13.00 and set an “overweight” rating for the company in a research report on Monday, June 18th. HC Wainwright boosted their target price on Cytokinetics to $24.00 and gave the company a “buy” rating in a research report on Monday, June 18th. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $10.00 target price on shares of Cytokinetics in a research report on Sunday, June 17th. BidaskClub raised Cytokinetics from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 28th. Finally, Zacks Investment Research raised Cytokinetics from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Saturday, July 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $13.00.

CYTK stock opened at $7.61 on Thursday. Cytokinetics has a 1-year low of $6.20 and a 1-year high of $15.85. The company has a debt-to-equity ratio of 0.41, a current ratio of 8.95 and a quick ratio of 8.95. The stock has a market capitalization of $538.09 million, a PE ratio of -2.94 and a beta of 1.41.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.51). The business had revenue of $6.22 million during the quarter, compared to the consensus estimate of $5.54 million. Analysts expect that Cytokinetics will post -2.03 earnings per share for the current year.

In related news, CEO Robert I. Blum sold 4,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $6.65, for a total value of $26,600.00. Following the completion of the sale, the chief executive officer now directly owns 168,022 shares of the company’s stock, valued at approximately $1,117,346.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 16,500 shares of company stock valued at $129,505 over the last ninety days. 5.10% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Northern Trust Corp boosted its stake in Cytokinetics by 16.7% during the 2nd quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock valued at $4,138,000 after purchasing an additional 71,418 shares during the last quarter. Millennium Management LLC boosted its stake in Cytokinetics by 351.9% during the 2nd quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock valued at $3,832,000 after purchasing an additional 359,561 shares during the last quarter. DRW Securities LLC boosted its stake in Cytokinetics by 91.4% during the 2nd quarter. DRW Securities LLC now owns 26,797 shares of the biopharmaceutical company’s stock valued at $222,000 after purchasing an additional 12,797 shares during the last quarter. DAFNA Capital Management LLC acquired a new position in Cytokinetics during the 2nd quarter valued at about $576,000. Finally, ClariVest Asset Management LLC boosted its stake in Cytokinetics by 48.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 125,050 shares of the biopharmaceutical company’s stock valued at $1,037,000 after purchasing an additional 41,076 shares during the last quarter. 68.45% of the stock is owned by institutional investors and hedge funds.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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