Cytokinetics’ (CYTK) Buy Rating Reaffirmed at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued on Monday, Benzinga reports. They currently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 123.46% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. UBS Group reiterated a “buy” rating and set a $104.00 price objective on shares of Cytokinetics in a report on Wednesday, October 14th. Citizens Jmp lifted their price objective 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Thursday. Royal Bank Of Canada lifted their price objective on shares of Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Finally, Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Monday, October 12th. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $105.44.

Cytokinetics Stock Up 1.1%

NASDAQ:CYTK traded up $0.70 during trading hours on Monday, reaching $62.65. The company had a trading volume of 1,912,244 shares, compared to its average volume of 2,131,838. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of -8.68 and a beta of 0.41. The business’s 50-day simple moving average is $70.18 and its two-hundred day simple moving average is $73.28. Cytokinetics has a twelve month low of $54.30 and a twelve month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. The firm’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.12) earnings per share. As a group, equities analysts predict that Cytokinetics will post -5.97 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 97,926 shares of Cytokinetics stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total value of $6,789,209.58. Following the sale, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. The trade was a 20.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B. Parshall sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total transaction of $357,400.00. Following the completion of the sale, the director directly owned 10,784 shares in the company, valued at approximately $770,840.32. This represents a 31.68% 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. Over the last ninety days, insiders have sold 191,426 shares of company stock worth $13,601,885. 2.60% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics in the second quarter worth about $36,000. V Square Quantitative Management LLC raised its position in Cytokinetics by 71.5% in the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 191 shares during the period. Rockefeller Capital Management L.P. raised its position in Cytokinetics by 842.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 573 shares during the period. Western Wealth Management LLC bought a new stake in Cytokinetics in the first quarter worth about $53,000. Finally, EverSource Wealth Advisors LLC raised its position in Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 549 shares during the period.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.