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

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned an average recommendation of “Moderate Buy” from the twenty-one analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $89.8947.

CYTK has been the subject of several recent research reports. Needham & Company LLC boosted their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. B. Riley Financial raised their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Barclays began coverage on Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective for the company. Finally, Mizuho raised their target price on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th.

Cytokinetics Trading Down 1.5%

Shares of CYTK stock opened at $62.50 on Friday. The firm has a market capitalization of $7.70 billion, a PE ratio of -9.57 and a beta of 0.56. The firm has a fifty day simple moving average of $63.59 and a two-hundred day simple moving average of $61.51. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter last year, the firm posted ($1.26) EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Andrew Callos sold 1,930 shares of Cytokinetics stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $62.07, for a total transaction of $119,795.10. Following the transaction, the executive vice president directly owned 78,185 shares of the company’s stock, valued at $4,852,942.95. The trade was a 2.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 12,033 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,565,009.30. The trade was a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 139,663 shares of company stock worth $8,621,492. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new position in Cytokinetics during the fourth quarter worth about $27,000. Kestra Advisory Services LLC purchased a new stake in Cytokinetics in the 4th quarter valued at about $29,000. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the 4th quarter valued at about $32,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Cytokinetics in the 3rd quarter worth approximately $30,000.

About Cytokinetics

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.