HC Wainwright Reaffirms Buy Rating for Cytokinetics (NASDAQ:CYTK)

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

CYTK has been the subject of a number of other research reports. Barclays increased their price target on shares of Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Citizens Jmp boosted their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Needham & Company LLC raised their target price 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Thursday. Nineteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $105.44.

Cytokinetics Trading Up 1.1%

Shares of NASDAQ:CYTK traded up $0.70 during trading on Monday, hitting $62.65. 1,912,763 shares of the company were exchanged, compared to its average volume of 2,131,841. Cytokinetics has a fifty-two week low of $54.30 and a fifty-two week high of $88.31. The stock has a market cap of $7.80 billion, a price-to-earnings ratio of -8.68 and a beta of 0.41. The firm has a fifty day moving average price of $70.18 and a two-hundred day moving average price of $73.28.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data 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 company had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. The company’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.12) EPS. As a group, research analysts predict that Cytokinetics will post -5.97 EPS for the current year.

Insider Buying and Selling at Cytokinetics

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

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC lifted its holdings in Cytokinetics by 71.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 191 shares during the last quarter. Nvwm LLC boosted its stake in Cytokinetics by 5.2% in the 3rd 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 acquired a new position in Cytokinetics in the 3rd quarter valued at $1,549,000. Mirador Capital Partners LP increased its position in Cytokinetics by 3.2% during the 3rd quarter. Mirador Capital Partners LP now owns 208,896 shares of the biopharmaceutical company’s stock worth $13,768,000 after buying an additional 6,526 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Cytokinetics by 8.6% during the third quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock worth $178,000 after buying an additional 213 shares in the last quarter.

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.