Cytokinetics (NASDAQ:CYTK) Given “Buy” Rating at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Monday, Benzinga reports. They currently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 122.37% from the stock’s current price.

Several other research firms have also commented on CYTK. Royal Bank Of Canada increased their price target on shares of Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Barclays boosted their price target on Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Thursday. Truist Financial boosted their price target on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, William Blair initiated coverage on Cytokinetics in a report on Friday. They issued an “outperform” rating for the company. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $105.44.

Cytokinetics Stock Performance

CYTK traded up $1.01 on Monday, hitting $62.96. 165,071 shares of the company were exchanged, compared to its average volume of 2,122,786. The business’s fifty day moving average is $70.18 and its 200 day moving average is $73.28. Cytokinetics has a fifty-two week low of $54.30 and a fifty-two week high of $88.31. The firm has a market capitalization of $7.83 billion, a P/E ratio of -8.71 and a beta of 0.41.

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

Insider Activity

In related news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $62.88, for a total transaction of $471,600.00. Following the sale, the chief executive officer owned 278,544 shares in the company, valued at approximately $17,514,846.72. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Landry sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was 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 in the company, valued at approximately $590,311.92. This trade represents a 10.89% 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 191,426 shares of company stock worth $13,601,885 in the last three months. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in CYTK. Siren L.L.C. acquired a new position in shares of Cytokinetics in the 1st quarter valued at $40,466,000. Hsbc Holdings PLC boosted its holdings in shares of Cytokinetics by 5,906.5% in the 1st quarter. Hsbc Holdings PLC now owns 221,999 shares of the biopharmaceutical company’s stock valued at $14,632,000 after purchasing an additional 218,303 shares during the last quarter. Emerald Advisers LLC acquired a new position in shares of Cytokinetics in the 1st quarter valued at $13,104,000. Candriam S.C.A. boosted its holdings in shares of Cytokinetics by 128.6% in the 1st quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company’s stock valued at $22,094,000 after purchasing an additional 188,577 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Cytokinetics by 63.8% in the 2nd 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 last quarter.

Cytokinetics Company Profile

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.