Cytokinetics (NASDAQ:CYTK) received a $20.00 price objective from analysts at HC Wainwright in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 108.33% from the company’s previous close.
Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald reissued a “hold” rating and issued a $10.00 target price on shares of Cytokinetics in a report on Wednesday. Needham & Company LLC cut shares of Cytokinetics from a “strong-buy” rating to a “buy” rating and cut their target price for the stock from $22.00 to $12.00 in a report on Wednesday, November 29th. TheStreet cut shares of Cytokinetics from a “c” rating to a “d” rating in a report on Friday, October 27th. JMP Securities reaffirmed an “outperform” rating and set a $13.00 price target (down previously from $17.00) on shares of Cytokinetics in a report on Tuesday, November 21st. They noted that the move was a valuation call. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $18.00 price target on shares of Cytokinetics in a report on Tuesday, November 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.91.
Shares of Cytokinetics (CYTK) traded up $0.80 during midday trading on Friday, reaching $9.60. 420,697 shares of the company’s stock were exchanged, compared to its average volume of 488,592. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.14. Cytokinetics has a 1 year low of $7.00 and a 1 year high of $17.20. The company has a market capitalization of $564.32, a PE ratio of -5.78 and a beta of 1.61.
In related news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $13.51, for a total transaction of $67,550.00. Following the sale, the chief executive officer now owns 70,180 shares of the company’s stock, valued at $948,131.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 7,321 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $13.39, for a total value of $98,028.19. Following the sale, the executive vice president now directly owns 47,540 shares in the company, valued at approximately $636,560.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,290 shares of company stock worth $245,084. Corporate insiders own 7.20% of the company’s stock.
A number of large investors have recently made changes to their positions in CYTK. Janus Henderson Group PLC bought a new stake in Cytokinetics during the second quarter worth approximately $32,488,000. Vanguard Group Inc. raised its holdings in Cytokinetics by 59.9% during the second quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock worth $37,721,000 after purchasing an additional 1,168,151 shares in the last quarter. Pinnacle Associates Ltd. bought a new stake in Cytokinetics during the third quarter worth approximately $14,628,000. Wasatch Advisors Inc. raised its holdings in Cytokinetics by 139.1% during the fourth quarter. Wasatch Advisors Inc. now owns 1,679,778 shares of the biopharmaceutical company’s stock worth $13,690,000 after purchasing an additional 977,106 shares in the last quarter. Finally, State Street Corp raised its holdings in Cytokinetics by 79.6% during the second quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock worth $20,259,000 after purchasing an additional 741,909 shares in the last quarter. 73.61% of the stock is currently owned by hedge funds and other institutional investors.
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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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