Cytokinetics (NASDAQ:CYTK) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a report released on Saturday.

Several other equities research analysts have also recently weighed in on CYTK. JPMorgan Chase & Co. increased their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Wells Fargo & Company boosted their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Citizens Jmp upped their price target on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a research report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Stifel Nicolaus increased their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.15.

Cytokinetics Price Performance

Shares of CYTK stock opened at $77.49 on Friday. The business’s 50 day simple moving average is $78.99 and its 200 day simple moving average is $71.05. Cytokinetics has a one year low of $32.89 and a one year high of $88.31. The stock has a market capitalization of $9.64 billion, a PE ratio of -10.73 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same period in the prior year, the company posted ($1.12) EPS. The business’s revenue for the quarter was down 57.1% compared to the same quarter last year. As a group, research analysts expect that Cytokinetics will post -6.2 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $1,111,200.00. Following the completion of the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,337,754.40. This trade represents a 20.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the transaction, the chief executive officer owned 377,830 shares in the company, valued at $32,085,323.60. The trade was a 1.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 122,679 shares of company stock worth $9,701,754 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently made changes to their positions in the stock. Woodline Partners LP increased its position in Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after buying an additional 1,435,422 shares in the last quarter. Norges Bank acquired a new position in Cytokinetics during the 4th quarter worth approximately $51,281,000. Deep Track Capital LP boosted its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after acquiring an additional 650,000 shares in the last quarter. Siren L.L.C. bought a new position in Cytokinetics in the first quarter worth approximately $40,466,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Cytokinetics by 151,987.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after acquiring an additional 565,393 shares during the period.

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.