Cytokinetics’ (CYTK) Buy Rating Reiterated at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They presently have a $140.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 123.73% from the company’s current price.

CYTK has been the subject of several other reports. UBS Group restated a “buy” rating and set a $104.00 target price on shares of Cytokinetics in a research report on Wednesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Citizens Jmp lifted their price objective on Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $105.44.

Cytokinetics Stock Up 1.0%

CYTK stock traded up $0.63 during midday trading on Monday, reaching $62.58. The stock had a trading volume of 256,427 shares, compared to its average volume of 2,123,524. The business has a fifty day simple moving average of $70.18 and a two-hundred day simple moving average of $73.28. The firm has a market cap of $7.79 billion, a price-to-earnings ratio of -8.70 and a beta of 0.41. Cytokinetics has a twelve month low of $54.30 and a twelve month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results 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 company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. Cytokinetics’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. On average, equities analysts predict that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at $4,677,373.40. The trade was a 19.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of Cytokinetics stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total value of $6,789,209.58. Following the transaction, the chief executive officer owned 385,320 shares in the company, valued at $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 191,426 shares of company stock worth $13,601,885 in the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently bought and sold shares of CYTK. Principal Financial Group Inc. raised its stake in shares of Cytokinetics by 11.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after purchasing an additional 116,593 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in shares of Cytokinetics by 17.1% during the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after purchasing an additional 92,390 shares in the last quarter. Siren L.L.C. bought a new stake in shares of Cytokinetics during the 1st quarter worth approximately $40,466,000. Handelsbanken Fonder AB raised its stake in shares of Cytokinetics by 63.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after purchasing an additional 157,700 shares in the last quarter. Finally, Candriam S.C.A. raised its stake in shares of Cytokinetics by 128.6% during the 1st quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company’s stock worth $22,094,000 after purchasing an additional 188,577 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.