Cytokinetics’ (CYTK) Buy Rating Reiterated at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $140.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective suggests a potential upside of 123.46% from the company’s previous close.

Several other research analysts also recently commented on the stock. Morgan Stanley upgraded shares of Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, September 11th. William Blair initiated coverage on Cytokinetics in a report on Friday. They issued an “outperform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Thursday. Finally, Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Monday, October 12th. Nineteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.44.

Cytokinetics Trading Up 1.1%

Cytokinetics stock traded up $0.70 during trading hours on Monday, reaching $62.65. 1,912,763 shares of the stock were exchanged, compared to its average volume of 2,131,839. Cytokinetics has a twelve month low of $54.30 and a twelve month high of $88.31. The company has a market cap of $7.80 billion, a P/E ratio of -8.68 and a beta of 0.41. The stock has a 50 day moving average of $70.18 and a two-hundred day moving average of $73.28.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. Cytokinetics’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. On average, analysts expect that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Robert Landry sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total transaction of $72,130.00. Following the sale, the director owned 8,184 shares of the company’s stock, valued at approximately $590,311.92. The trade was a 10.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $62.88, for a total value of $471,600.00. Following the completion of the transaction, the chief executive officer owned 278,544 shares of the company’s stock, valued at $17,514,846.72. The trade was a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 191,426 shares of company stock worth $13,601,885. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC raised its stake in Cytokinetics by 71.5% during the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after buying an additional 191 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics during the second quarter valued at $36,000. Rockefeller Capital Management L.P. boosted its position in Cytokinetics by 842.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 573 shares during the last quarter. Western Wealth Management LLC bought a new stake in Cytokinetics during the first quarter valued at $53,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Cytokinetics by 55.0% during the 1st 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.