Cytokinetics, Incorporated (NASDAQ:CYTK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm presently has a $15.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 18.11% from the stock’s previous close.

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 brokerages have also issued reports on CYTK. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Cytokinetics, in a research report on Tuesday, April 25th. Cowen and Company reiterated an “outperform” rating and set a $19.00 price target (up previously from $17.00) on shares of Cytokinetics, in a report on Saturday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics, in a report on Friday, May 19th. ValuEngine upgraded Cytokinetics, from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded Cytokinetics, from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $21.30.

Cytokinetics, (NASDAQ CYTK) traded down 3.61% during midday trading on Monday, hitting $12.70. The stock had a trading volume of 675,196 shares. The stock has a 50-day moving average price of $13.67 and a 200 day moving average price of $12.95. Cytokinetics, has a one year low of $8.51 and a one year high of $17.20. The firm’s market cap is $612.36 million.

Cytokinetics, (NASDAQ:CYTK) last announced its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.57) by $0.03. The business had revenue of $3.05 million for the quarter, compared to the consensus estimate of $5.28 million. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. On average, analysts predict that Cytokinetics, will post ($2.02) earnings per share for the current year.

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In other Cytokinetics, news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $12.14, for a total value of $60,700.00. Following the transaction, the chief executive officer now owns 88,385 shares in the company, valued at $1,072,993.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 15,000 shares of company stock worth $197,750 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. bought a new stake in Cytokinetics, during the second quarter valued at about $913,000. BNP Paribas Arbitrage SA increased its stake in Cytokinetics, by 4,464.4% in the second quarter. BNP Paribas Arbitrage SA now owns 13,328 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 13,036 shares during the period. Comerica Bank bought a new stake in Cytokinetics, during the second quarter valued at about $689,000. Legal & General Group Plc increased its stake in Cytokinetics, by 801.9% in the second quarter. Legal & General Group Plc now owns 83,200 shares of the biopharmaceutical company’s stock valued at $1,009,000 after buying an additional 73,975 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Cytokinetics, by 252.0% in the second quarter. Bank of New York Mellon Corp now owns 526,790 shares of the biopharmaceutical company’s stock valued at $6,374,000 after buying an additional 377,145 shares during the period. Institutional investors own 59.76% of the company’s stock.

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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