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

Cytokinetics, Incorporated (NASDAQ:CYTK) has received an average recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $99.30.

Several research firms have recently commented on CYTK. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Wells Fargo & Company upped their price target on Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Royal Bank Of Canada upped their price target on Cytokinetics from $101.00 to $119.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th.

Cytokinetics Trading Down 2.0%

CYTK stock opened at $67.07 on Thursday. The company has a market capitalization of $8.35 billion, a P/E ratio of -9.81 and a beta of 0.42. Cytokinetics has a twelve month low of $31.99 and a twelve month high of $80.20. The business has a 50 day simple moving average of $70.26 and a 200-day simple moving average of $66.01.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same period in the previous year, the company posted ($1.36) earnings per share. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. Research analysts predict that Cytokinetics will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $77.21, for a total transaction of $579,075.00. Following the completion of the sale, the chief executive officer owned 392,830 shares in the company, valued at $30,330,404.30. This represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $67.98, for a total value of $237,930.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,462,257.96. This trade represents a 2.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 171,989 shares of company stock valued at $11,393,064. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several large investors have recently modified their holdings of the stock. Bank of Montreal Can raised its position in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after acquiring an additional 160 shares in the last quarter. Kennedy Capital Management LLC raised its position in Cytokinetics by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after acquiring an additional 162 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares in the last quarter. Vident Advisory LLC raised its position in Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock worth $1,046,000 after acquiring an additional 234 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in Cytokinetics by 6.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 239 shares in the last quarter.

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.