Cytokinetics (NASDAQ:CYTK) Issues Earnings Results, Misses Estimates By $0.02 EPS

Cytokinetics (NASDAQ:CYTK) released its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02), Zacks reports.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $1.85 during midday trading on Tuesday, hitting $70.11. 1,566,670 shares of the company traded hands, compared to its average volume of 1,725,859. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98. The stock has a 50-day moving average price of $63.98 and a 200 day moving average price of $58.07. The firm has a market cap of $8.57 billion, a P/E ratio of -11.15 and a beta of 0.54.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,200 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total value of $134,728.00. Following the sale, the executive vice president directly owned 138,552 shares of the company’s stock, valued at $8,484,924.48. This represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward M. Md Kaye sold 28,064 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $66.72, for a total transaction of $1,872,430.08. Following the completion of the transaction, the director owned 9,977 shares of the company’s stock, valued at approximately $665,665.44. The trade was a 73.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 151,385 shares of company stock worth $9,817,158 over the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. State Street Corp lifted its holdings in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after purchasing an additional 207,961 shares during the last quarter. Deep Track Capital LP boosted its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after acquiring an additional 650,000 shares in the last quarter. Vestal Point Capital LP grew its stake in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after acquiring an additional 384,469 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after acquiring an additional 1,435,422 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Cytokinetics by 2.0% in the 3rd quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company’s stock worth $77,319,000 after purchasing an additional 27,641 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the stock a “buy” rating in a research note on Thursday, December 18th. Needham & Company LLC lifted their target price on shares of Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, January 21st. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a research note on Friday, January 9th. Finally, Truist Financial lifted their price target on Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, February 3rd. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average price target of $88.28.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.