Cytokinetics,’s (CYTK) “Overweight” Rating Reiterated at Piper Jaffray Companies
Cytokinetics, Incorporated (NASDAQ:CYTK)‘s stock had its “overweight” rating restated by analysts at Piper Jaffray Companies in a report issued on Tuesday, The Fly reports. They currently have a $18.00 target price on the biopharmaceutical company’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 121.35% from the company’s current price.
A number of other brokerages also recently issued reports on CYTK. Seaport Global Securities reissued a “buy” rating and issued a $24.00 price objective on shares of Cytokinetics, in a research note on Friday, October 6th. Morgan Stanley reissued an “overweight” rating and issued a $25.00 price objective (up from $24.00) on shares of Cytokinetics, in a research note on Friday, October 6th. HC Wainwright set a $26.00 price objective on Cytokinetics, and gave the company a “buy” rating in a research note on Thursday, August 3rd. ValuEngine raised Cytokinetics, from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $21.00 price objective on shares of Cytokinetics, in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $20.27.
Shares of Cytokinetics, (NASDAQ CYTK) traded down $2.97 during trading hours on Tuesday, hitting $8.13. The stock had a trading volume of 6,746,989 shares, compared to its average volume of 525,706. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.60 and a current ratio of 7.60. Cytokinetics, has a 12 month low of $9.80 and a 12 month high of $17.20.
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In other Cytokinetics, news, SVP Bradley Paul Morgan sold 118,330 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $15.00, for a total transaction of $1,774,950.00. Following the completion of the sale, the senior vice president now directly owns 63,107 shares of the company’s stock, valued at approximately $946,605. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Caryn Gordon Mcdowell sold 4,260 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $12.94, for a total value of $55,124.40. Following the sale, the insider now directly owns 17,982 shares of the company’s stock, valued at $232,687.08. The disclosure for this sale can be found here. Insiders have sold a total of 178,223 shares of company stock valued at $2,639,239 over the last three months. Corporate insiders own 7.20% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of CYTK. State of Alaska Department of Revenue bought a new stake in Cytokinetics, during the 2nd quarter worth approximately $109,000. Bank of Montreal Can bought a new stake in Cytokinetics, during the 2nd quarter worth approximately $126,000. Municipal Employees Retirement System of Michigan bought a new stake in Cytokinetics, during the 2nd quarter worth approximately $132,000. State Board of Administration of Florida Retirement System increased its holdings in Cytokinetics, by 38.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 14,778 shares of the biopharmaceutical company’s stock worth $140,000 after purchasing an additional 4,103 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Cytokinetics, by 5.1% during the 3rd quarter. Wells Fargo & Company MN now owns 15,627 shares of the biopharmaceutical company’s stock worth $144,000 after purchasing an additional 760 shares in the last quarter. 71.92% of the stock is 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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