Cytokinetics Inc. (CYTK) Lowered to Hold at Zacks Investment Research
Cytokinetics Inc. (NASDAQ:CYTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “
CYTK has been the subject of several other research reports. Cowen and Company restated an “outperform” rating and issued a $16.00 price target on shares of Cytokinetics in a research note on Wednesday, October 5th. Roth Capital restated a “buy” rating and issued a $22.00 price target on shares of Cytokinetics in a research note on Thursday, August 18th. Needham & Company LLC boosted their price target on Cytokinetics from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. JMP Securities restated a “buy” rating and issued a $17.00 price target on shares of Cytokinetics in a research note on Tuesday, August 2nd. Finally, FBR & Co restated an “outperform” rating and issued a $24.00 price target on shares of Cytokinetics in a research note on Wednesday, July 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $18.00.
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Shares of Cytokinetics (NASDAQ:CYTK) traded up 1.76% on Tuesday, reaching $9.25. The company’s stock had a trading volume of 156,640 shares. Cytokinetics has a 12-month low of $6.00 and a 12-month high of $13.18. The company’s market capitalization is $367.25 million. The company’s 50-day moving average is $9.45 and its 200 day moving average is $9.32.
Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, July 28th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.02. Cytokinetics had a negative return on equity of 69.51% and a negative net margin of 132.01%. Equities analysts anticipate that Cytokinetics will post ($1.30) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can bought a new stake in Cytokinetics during the second quarter valued at about $126,000. State Board of Administration of Florida Retirement System raised its stake in Cytokinetics by 38.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 14,778 shares of the biopharmaceutical company’s stock valued at $140,000 after buying an additional 4,103 shares in the last quarter. Fortaleza Asset Management Inc. raised its stake in Cytokinetics by 13.8% in the second quarter. Fortaleza Asset Management Inc. now owns 15,930 shares of the biopharmaceutical company’s stock valued at $151,000 after buying an additional 1,930 shares in the last quarter. Alliancebernstein L.P. raised its stake in Cytokinetics by 48.9% in the second quarter. Alliancebernstein L.P. now owns 26,500 shares of the biopharmaceutical company’s stock valued at $251,000 after buying an additional 8,700 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Cytokinetics by 173.0% in the second quarter. Public Employees Retirement System of Ohio now owns 51,066 shares of the biopharmaceutical company’s stock valued at $485,000 after buying an additional 32,360 shares in the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.
Cytokinetics Company Profile
Cytokinetics, Incorporated is a biopharmaceutical company. The Company is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions. Its drug candidates include tirasemtiv, CK-2127107 and omecamtiv mecarbil.
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