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

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have earned a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, seventeen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $100.00.

CYTK has been the topic of several recent research reports. Robert W. Baird set a $84.00 price objective on Cytokinetics in a report on Tuesday, March 10th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Wells Fargo & Company increased their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Monday, April 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $86.49 on Monday. The company has a market cap of $10.76 billion, a price-to-earnings ratio of -12.64 and a beta of 0.42. The firm has a 50 day simple moving average of $74.97 and a 200 day simple moving average of $67.78. Cytokinetics has a one year low of $32.89 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.36) EPS. As a group, analysts expect that Cytokinetics will post -6.26 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total transaction of $447,150.00. Following the sale, the chief executive officer directly owned 407,830 shares of the company’s stock, valued at $24,314,824.60. The trade was a 1.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 143,985 shares of company stock valued at $10,403,417. 2.60% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. bought a new position in Cytokinetics during the 4th quarter worth $27,000. Kestra Advisory Services LLC acquired a new position in Cytokinetics during the 4th quarter worth about $29,000. Quarry LP acquired a new position in Cytokinetics during the 3rd quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $32,000.

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.