Cytokinetics (NASDAQ:CYTK) Issues Quarterly Earnings Results

Cytokinetics (NASDAQ:CYTK) released its earnings results on Wednesday. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17), Briefing.com reports. The business had revenue of $0.84 million during the quarter, compared to analyst estimates of $0.91 million. The firm’s revenue for the quarter was down 81.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.38) EPS.

Cytokinetics Price Performance

CYTK stock traded down $1.25 during trading on Thursday, reaching $64.02. 1,863,920 shares of the stock traded hands, compared to its average volume of 2,726,697. The firm has a market capitalization of $6.70 billion, a PE ratio of -11.86 and a beta of 0.72. The business’s 50 day moving average price is $67.82 and its 200-day moving average price is $61.66. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,604 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $67.56, for a total transaction of $2,202,726.24. Following the transaction, the executive vice president now directly owns 138,973 shares of the company’s stock, valued at $9,389,015.88. The sale was disclosed in a filing with the SEC, which is available at this link. In other Cytokinetics news, Director John T. Henderson sold 5,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total transaction of $382,400.00. Following the sale, the director now directly owns 42,632 shares of the company’s stock, valued at $3,260,495.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,604 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the transaction, the executive vice president now owns 138,973 shares of the company’s stock, valued at $9,389,015.88. The disclosure for this sale can be found here. Insiders have sold 96,318 shares of company stock valued at $6,701,940 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

CYTK has been the topic of a number of research analyst reports. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. Truist Financial reiterated a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a research note on Monday, April 8th. UBS Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $61.00 to $92.00 in a research note on Wednesday, January 24th. JMP Securities decreased their price target on shares of Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a research note on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $108.00 price target on shares of Cytokinetics in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.60.

Cytokinetics Company Profile

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.