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

Cytokinetics, Incorporated (NASDAQ:CYTK) has received a consensus recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $79.2857.

A number of brokerages recently weighed in on CYTK. Bank of America boosted their price objective on Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. Needham & Company LLC reissued a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research note on Friday, December 12th. UBS Group reaffirmed a “neutral” rating and issued a $61.00 price objective on shares of Cytokinetics in a research note on Monday, December 1st. Royal Bank Of Canada raised their price objective on shares of Cytokinetics from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, November 11th. Finally, Stifel Nicolaus boosted their target price on shares of Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd.

Insider Buying and Selling

In other Cytokinetics news, Director Robert Arthur Harrington sold 2,150 shares of Cytokinetics stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $66.80, for a total transaction of $143,620.00. Following the transaction, the director directly owned 18,542 shares of the company’s stock, valued at approximately $1,238,605.60. The trade was a 10.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward M. Md Kaye sold 28,064 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $66.72, for a total value of $1,872,430.08. Following the completion of the sale, the director owned 9,977 shares in the company, valued at $665,665.44. This trade represents a 73.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 150,494 shares of company stock valued at $9,586,778 over the last quarter. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aberdeen Group plc lifted its holdings in shares of Cytokinetics by 53.2% in the second quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock valued at $30,494,000 after purchasing an additional 320,508 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in Cytokinetics during the second quarter worth $1,176,000. Norges Bank purchased a new stake in Cytokinetics in the 2nd quarter valued at $39,122,000. Frazier Life Sciences Management L.P. bought a new position in Cytokinetics during the 2nd quarter valued at $18,328,000. Finally, Sanders Morris Harris LLC purchased a new position in Cytokinetics during the 3rd quarter worth $1,182,000.

Cytokinetics Trading Down 3.7%

Shares of Cytokinetics stock opened at $59.73 on Thursday. The firm’s 50 day moving average is $62.62 and its 200 day moving average is $48.10. The firm has a market capitalization of $7.30 billion, a PE ratio of -9.50 and a beta of 0.58. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $69.33.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results 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. The business’s quarterly revenue was up 318.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.36) EPS. As a group, research analysts anticipate that Cytokinetics will post -5.24 earnings per share 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.