Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned an average recommendation of “Moderate Buy” from the twenty brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and sixteen have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $84.9474.

CYTK has been the topic of several recent research reports. Needham & Company LLC boosted their price objective on shares of Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. Royal Bank Of Canada raised their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Monday, December 22nd. Finally, Truist Financial set a $84.00 target price on Cytokinetics in a research note on Monday, December 22nd.

Cytokinetics Price Performance

CYTK opened at $62.51 on Monday. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98. The stock has a market cap of $7.64 billion, a P/E ratio of -9.94 and a beta of 0.55. The stock’s 50 day simple moving average is $63.72 and its 200 day simple moving average is $51.83.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The firm had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $6.05 million. The firm’s revenue for the quarter was up 318.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.36) earnings per share. Research analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John T. Henderson sold 8,750 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total value of $559,125.00. Following the sale, the director directly owned 74,578 shares in the company, valued at $4,765,534.20. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 52,486 shares of Cytokinetics stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $65.95, for a total value of $3,461,451.70. Following the sale, the executive vice president owned 50,660 shares of the company’s stock, valued at approximately $3,341,027. This represents a 50.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 166,649 shares of company stock valued at $10,770,212. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. Deep Track Capital LP lifted its stake in shares of Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the period. Geode Capital Management LLC raised its holdings in Cytokinetics by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock valued at $98,948,000 after acquiring an additional 56,961 shares during the last quarter. Vestal Point Capital LP lifted its stake in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares during the period. Woodline Partners LP boosted its holdings in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Cytokinetics by 2.0% in the third quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company’s stock valued at $77,319,000 after purchasing an additional 27,641 shares during the period.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.