Cytokinetics, Incorporated (NASDAQ:CYTK) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Monday.

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. “

A number of other research firms have also commented on CYTK. Rodman & Renshaw restated a “buy” rating and issued a $25.00 price objective on shares of Cytokinetics, in a research report on Thursday, March 23rd. ValuEngine upgraded shares of Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub upgraded shares of Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics, in a research report on Friday, May 19th. Finally, Cowen and Company restated an “outperform” rating and issued a $19.00 price objective (up from $17.00) on shares of Cytokinetics, in a research report on Saturday, April 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $20.40.

Shares of Cytokinetics, (CYTK) traded up 0.36% during trading on Monday, hitting $13.90. 357,161 shares of the stock traded hands. The stock has a 50-day moving average of $13.99 and a 200 day moving average of $12.72. Cytokinetics, has a 1-year low of $8.51 and a 1-year high of $17.20. The company has a market cap of $626.65 million, a P/E ratio of 187.84 and a beta of 1.97.

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In related news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $13.62, for a total value of $68,100.00. Following the sale, the chief executive officer now directly owns 94,785 shares of the company’s stock, valued at $1,290,971.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in Cytokinetics, during the second quarter valued at approximately $109,000. LMR Partners LLP acquired a new position in Cytokinetics, during the first quarter valued at approximately $156,000. Bank of America Corp DE increased its position in Cytokinetics, by 36.8% in the first quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 3,383 shares during the period. Parametric Portfolio Associates LLC increased its position in Cytokinetics, by 1.4% in the first quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock valued at $171,000 after buying an additional 189 shares during the period. Finally, UBS Group AG increased its position in Cytokinetics, by 16.9% in the first quarter. UBS Group AG now owns 14,281 shares of the biopharmaceutical company’s stock valued at $183,000 after buying an additional 2,060 shares during the period. 58.58% of the stock is currently owned by hedge funds and other institutional investors.

Cytokinetics, Company Profile

Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is 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 declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.

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Analyst Recommendations for Cytokinetics, (NASDAQ:CYTK)

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