Cytokinetics, Incorporated (CYTK) Downgraded by Zacks Investment Research to Hold
Cytokinetics, Incorporated (NASDAQ:CYTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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. “
Several other research firms have also recently commented on CYTK. Cowen and Company reaffirmed an “outperform” rating and set a $19.00 price objective (up from $17.00) on shares of Cytokinetics, in a research report on Saturday, April 29th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Cytokinetics, in a research report on Tuesday, April 25th. BidaskClub raised Cytokinetics, from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics, in a research report on Friday, May 19th. Finally, Morgan Stanley started coverage on Cytokinetics, in a research report on Monday, July 31st. They set an “overweight” rating and a $24.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $21.30.
Shares of Cytokinetics, (NASDAQ CYTK) remained flat at $12.45 during mid-day trading on Thursday. The company’s stock had a trading volume of 508,535 shares. The firm has a 50-day moving average of $13.32 and a 200 day moving average of $13.10. The stock’s market cap is $668.14 million. Cytokinetics, has a one year low of $8.51 and a one year high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last released its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by $0.03. Cytokinetics, had a negative return on equity of 14.15% and a negative net margin of 16.00%. The company had revenue of $3.05 million during the quarter, compared to analysts’ expectations of $5.28 million. On average, equities research analysts predict that Cytokinetics, will post ($2.08) earnings per share for the current fiscal year.
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In other news, insider Caryn Gordon Mcdowell sold 11,348 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $12.47, for a total value of $141,509.56. Following the transaction, the insider now owns 21,570 shares of the company’s stock, valued at $268,977.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.62, for a total value of $68,100.00. Following the completion of the transaction, the chief executive officer now directly owns 94,785 shares in the company, valued at approximately $1,290,971.70. The disclosure for this sale can be found here. Insiders sold 26,348 shares of company stock worth $339,260 in the last ninety days. Corporate insiders own 7.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC acquired a new stake in shares of Cytokinetics, during the second quarter valued at about $32,488,000. Vanguard Group Inc. increased its stake in shares of Cytokinetics, by 59.9% in the second quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock valued at $37,721,000 after buying an additional 1,168,151 shares during the period. State Street Corp increased its stake in shares of Cytokinetics, by 79.6% in the second quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock valued at $20,259,000 after buying an additional 741,909 shares during the period. FMR LLC increased its stake in shares of Cytokinetics, by 8.8% in the first quarter. FMR LLC now owns 5,655,916 shares of the biopharmaceutical company’s stock valued at $72,679,000 after buying an additional 456,502 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Cytokinetics, by 128.9% in the second quarter. Acadian Asset Management LLC now owns 766,263 shares of the biopharmaceutical company’s stock valued at $9,271,000 after buying an additional 431,457 shares during the period. 56.50% of the stock is currently owned by hedge funds and other institutional investors.
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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