Cytokinetics (NASDAQ:CYTK) Stock Keeps Buy Rating at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Monday, Benzinga reports. They presently have a $140.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 123.07% from the company’s current price.

Other research analysts have also issued reports about the stock. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. William Blair started coverage on shares of Cytokinetics in a research note on Friday. They issued an “outperform” rating on the stock. Barclays raised their target price on shares of Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Truist Financial raised their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Mizuho raised their target price on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Nineteen research 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $105.44.

Cytokinetics Price Performance

CYTK stock traded up $0.81 during trading on Monday, hitting $62.76. The stock had a trading volume of 153,142 shares, compared to its average volume of 2,122,786. Cytokinetics has a twelve month low of $54.30 and a twelve month high of $88.31. The stock has a market capitalization of $7.81 billion, a P/E ratio of -8.69 and a beta of 0.41. The company’s 50-day moving average price is $70.18 and its two-hundred day moving average price is $73.28.

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 firm had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. The company’s quarterly revenue was down 57.1% on a year-over-year basis. As a group, sell-side analysts expect that Cytokinetics will post -5.97 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert E. Landry sold 1,000 shares of Cytokinetics stock in a transaction that occurred 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $61.38, for a total transaction of $214,830.00. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,446,504.76. The trade was a 2.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 191,426 shares of company stock worth $13,601,885 in the last 90 days. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Several institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC raised its position in shares of Cytokinetics by 71.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after buying an additional 191 shares during the period. Nvwm LLC raised its position in Cytokinetics by 5.2% in the third quarter. Nvwm LLC now owns 9,600 shares of the biopharmaceutical company’s stock valued at $633,000 after purchasing an additional 477 shares during the period. Sanders Morris Harris LLC purchased a new stake in Cytokinetics in the third quarter valued at approximately $1,549,000. Mirador Capital Partners LP raised its position in Cytokinetics by 3.2% in the third quarter. Mirador Capital Partners LP now owns 208,896 shares of the biopharmaceutical company’s stock valued at $13,768,000 after purchasing an additional 6,526 shares during the period. Finally, GAMMA Investing LLC raised its position in Cytokinetics by 8.6% in the third quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock valued at $178,000 after purchasing an additional 213 shares during the period.

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.