Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $77.8571.

CYTK has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, September 29th. Raymond James Financial assumed coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They set a “market perform” rating on the stock. Stifel Nicolaus lifted their price target on shares of Cytokinetics from $87.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Tuesday, October 21st. Finally, Royal Bank Of Canada raised their target price on Cytokinetics from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, November 11th.

Insider Transactions at Cytokinetics

In related news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $64.73, for a total value of $323,650.00. Following the completion of the sale, the director owned 22,933 shares of the company’s stock, valued at approximately $1,484,453.09. This trade represents a 17.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $66.45, for a total transaction of $146,190.00. Following the sale, the executive vice president owned 140,610 shares of the company’s stock, valued at $9,343,534.50. This trade represents a 1.54% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 67,358 shares of company stock valued at $3,895,365. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its holdings in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the last quarter. Quarry LP bought a new stake in Cytokinetics during the 3rd quarter worth approximately $30,000. Advisory Services Network LLC purchased a new stake in shares of Cytokinetics in the third quarter worth approximately $32,000. Johnson Financial Group Inc. bought a new position in shares of Cytokinetics in the third quarter valued at approximately $40,000. Finally, Hantz Financial Services Inc. boosted its position in shares of Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock valued at $43,000 after buying an additional 1,264 shares during the last quarter.

Cytokinetics Trading Up 3.1%

NASDAQ:CYTK opened at $65.44 on Friday. The stock’s 50-day moving average is $58.37 and its 200-day moving average is $43.91. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $67.98. The stock has a market cap of $8.00 billion, a P/E ratio of -12.83 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The company had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. During the same quarter in the previous year, the company earned ($1.36) earnings per share. The business’s revenue for the quarter was up 318.1% on a year-over-year basis. As a group, equities analysts forecast that Cytokinetics will post -5.24 EPS for the current year.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.