Cytokinetics (NASDAQ:CYTK) Trading 3% Higher – Time to Buy?

Cytokinetics, Incorporated (NASDAQ:CYTK) traded up 3% during mid-day trading on Wednesday . The stock traded as high as $62.71 and last traded at $63.21. 176,697 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,917,506 shares. The stock had previously closed at $61.37.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CYTK. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Evercore ISI increased their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Leerink Partners set a $83.00 price objective on shares of Cytokinetics in a report on Monday, December 22nd. Stifel Nicolaus increased their target price on Cytokinetics from $87.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Finally, B. Riley reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of Cytokinetics in a research note on Monday, November 10th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.61.

Cytokinetics Stock Up 4.1%

The firm’s 50-day simple moving average is $63.21 and its 200-day simple moving average is $50.13. The firm has a market capitalization of $7.81 billion, a PE ratio of -10.15 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The company had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. The company’s revenue was up 318.1% on a year-over-year basis. During the same period last year, the firm posted ($1.36) EPS. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, Director Edward M. Md Kaye sold 28,064 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $66.72, for a total transaction of $1,872,430.08. Following the completion of the sale, the director directly owned 9,977 shares in the company, valued at $665,665.44. This represents a 73.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John T. Henderson sold 8,750 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the sale, the director directly owned 74,578 shares in the company, valued at approximately $4,765,534.20. This trade represents a 10.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 158,608 shares of company stock valued at $10,279,961. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Woodline Partners LP grew its position in shares of Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after buying an additional 1,435,422 shares during the period. Norges Bank purchased a new stake in Cytokinetics in the second quarter worth about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. increased its stake in shares of Cytokinetics by 571.2% during the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after purchasing an additional 921,278 shares in the last quarter. Deep Track Capital LP lifted its holdings in shares of Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Cytokinetics in the 2nd quarter worth approximately $18,328,000.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.