Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Rating of “Moderate Buy” by Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned an average rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $102.20.

Several equities analysts recently issued reports on CYTK shares. Needham & Company LLC upped their target price on Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. JPMorgan Chase & Co. increased their price objective on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Mizuho raised their price objective on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Finally, Wells Fargo & Company lifted their target price on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th.

More Cytokinetics News

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported that the Phase 3 ACACIA-HCM trial met both primary endpoints. Aficamten produced statistically significant improvements versus placebo in patients’ Kansas City Cardiomyopathy Questionnaire scores and maximal exercise capacity after 36 weeks. Cytokinetics Announces Positive Results from ACACIA-HCM
• Positive Sentiment: The results represent a potentially important regulatory and commercial milestone: ACACIA-HCM is described as the first Phase 3 trial in non-obstructive HCM to demonstrate statistically significant improvements across both patient-reported and physician-assessed outcomes. Cytokinetics plans to submit a supplemental New Drug Application to the FDA in the fourth quarter. Cytokinetics eyes expanded use of heart drug
• Positive Sentiment: Presentations at the European Society of Cardiology Congress and simultaneous publication in The New England Journal of Medicine provide prominent external visibility for aficamten. Approval in non-obstructive HCM could materially broaden the drug’s addressable market, as the condition currently has no approved treatments. ACACIA-HCM results published and presented
• Neutral Sentiment: The company is hosting an investor webcast to discuss the findings, giving analysts an opportunity to assess the trial’s detailed efficacy, safety, labeling prospects and commercial opportunity. ACACIA-HCM trial discussion transcript
• Negative Sentiment: Despite the positive data, CYTK shares fell as investors appeared to lock in gains or judge the results insufficient relative to elevated expectations and the company’s sizeable valuation. The reaction indicates that the market may already have priced in a successful trial, leaving regulatory approval, launch execution and the eventual commercial uptake of aficamten as the next catalysts. CYTK shares slip despite positive results

Insider Buying and Selling at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the sale, the director directly owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This represents a 24.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at $5,024,019. The trade was a 20.39% 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 111,179 shares of company stock worth $8,803,649 in the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares in the last quarter. California State Teachers Retirement System grew its position in Cytokinetics by 7,880.8% during the second quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company’s stock valued at $928,714,000 after buying an additional 10,765,080 shares during the period. State Street Corp grew its position in 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 buying an additional 207,961 shares during the period. Deep Track Capital LP increased 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 valued at $236,328,000 after buying an additional 650,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock worth $194,214,000 after acquiring an additional 15,815 shares during the period.

Cytokinetics Stock Down 7.5%

Shares of Cytokinetics stock opened at $72.09 on Tuesday. The company has a 50 day moving average price of $80.12 and a 200 day moving average price of $72.23. The firm has a market capitalization of $8.97 billion, a P/E ratio of -9.98 and a beta of 0.38. Cytokinetics has a 52 week low of $35.22 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released 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 analysts’ expectations of $17.59 million. During the same period in the prior year, the firm posted ($1.12) EPS. The firm’s revenue for the quarter was down 57.1% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics will post -6 earnings per share for the current fiscal year.

About Cytokinetics

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.