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 research report sent to investors on Saturday,Wall Street Zen reports.

Several other brokerages have also weighed in on CYTK. Barclays increased their price objective on shares of Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Mizuho upped their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. HC Wainwright reaffirmed a “buy” rating on shares of Cytokinetics in a research note on Friday, August 14th. Citizens Jmp lifted their price target on shares of Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. Finally, Needham & Company LLC boosted their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Nineteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.20.

Cytokinetics Stock Performance

Shares of CYTK opened at $70.91 on Friday. Cytokinetics has a fifty-two week low of $35.22 and a fifty-two week high of $88.31. The company has a market capitalization of $8.82 billion, a PE ratio of -9.82 and a beta of 0.39. The stock has a fifty day moving average of $79.95 and a two-hundred day moving average of $72.33.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same quarter last year, the business earned ($1.12) EPS. Cytokinetics’s revenue for the quarter was down 57.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cytokinetics will post -6 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the sale, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. The trade was a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $75.82, for a total transaction of $265,370.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $11,668,849.64. The trade was a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 105,746 shares of company stock worth $8,328,077 in the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the period. Royce & Associates LP raised its stake in shares of Cytokinetics by 44.3% during the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after purchasing an additional 44,343 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Cytokinetics by 63.8% during the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after purchasing an additional 157,700 shares during the period. Norges Bank acquired a new position in shares of Cytokinetics during the fourth quarter worth $51,281,000. Finally, Eventide Asset Management LLC lifted its position in shares of Cytokinetics by 181.9% during the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after purchasing an additional 309,503 shares in the last quarter.

Cytokinetics Company Profile

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.