Cytokinetics, Incorporated (CYTK) Issues Earnings Results, Beats Expectations By $0.04 EPS
Cytokinetics, Incorporated (NASDAQ:CYTK) posted its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $0.04, Bloomberg Earnings reports. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. The company had revenue of $6.18 million for the quarter, compared to analyst estimates of $5.35 million.
Cytokinetics, (CYTK) traded up 9.37% during trading on Friday, hitting $14.00. 403,749 shares of the stock were exchanged. Cytokinetics, has a 12 month low of $8.77 and a 12 month high of $17.20. The stock’s market cap is $751.32 million. The stock’s 50 day moving average price is $14.69 and its 200 day moving average price is $14.02.
A number of analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of Cytokinetics, in a research report on Friday. Morgan Stanley restated an “overweight” rating and issued a $25.00 target price (up from $24.00) on shares of Cytokinetics, in a research note on Friday, October 6th. Seaport Global Securities restated a “buy” rating and issued a $24.00 target price on shares of Cytokinetics, in a research note on Friday, October 6th. Cantor Fitzgerald restated a “buy” rating and issued a $21.00 target price on shares of Cytokinetics, in a research note on Tuesday, September 26th. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Cytokinetics, in a research note on Sunday, September 17th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $21.64.
In related news, insider Caryn Gordon Mcdowell sold 11,348 shares of Cytokinetics, stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total value of $141,509.56. Following the completion of the transaction, the insider now owns 21,570 shares in the company, valued at $268,977.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Santo J. Costa sold 5,000 shares of Cytokinetics, stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $14.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $70,000. The disclosure for this sale can be found here. Insiders sold a total of 177,990 shares of company stock worth $2,628,996 over the last three months. Insiders own 7.20% 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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