Cytokinetics, Incorporated (CYTK) Research Coverage Started at Morgan Stanley
Morgan Stanley assumed coverage on shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in a research report sent to investors on Monday, MarketBeat reports. The brokerage issued an overweight rating and a $24.00 target price on the biopharmaceutical company’s stock.
Other research analysts have also issued research reports about the stock. BidaskClub upgraded shares of Cytokinetics, from a sell rating to a hold rating in a research report on Thursday, July 13th. ValuEngine upgraded shares of Cytokinetics, from a sell rating to a hold rating in a research report on Friday, June 2nd. Zacks Investment Research lowered shares of Cytokinetics, from a buy rating to a sell rating in a research report on Monday, July 17th. Cantor Fitzgerald restated an overweight rating on shares of Cytokinetics, in a research report on Friday, May 19th. Finally, Cowen and Company restated an outperform rating and issued a $19.00 price target (up previously from $17.00) on shares of Cytokinetics, in a research report on Saturday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $21.20.
Cytokinetics, (NASDAQ CYTK) traded down 3.33% during midday trading on Monday, reaching $13.05. The company had a trading volume of 196,341 shares. The company’s market capitalization is $629.23 million. The company’s 50 day moving average is $13.67 and its 200-day moving average is $12.95. Cytokinetics, has a 52-week low of $8.51 and a 52-week high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.57) by $0.03. The business had revenue of $3.05 million during the quarter, compared to analyst estimates of $5.28 million. Cytokinetics, had a negative return on equity of 17.38% and a negative net margin of 16.00%. Equities analysts expect that Cytokinetics, will post ($2.02) earnings per share for the current fiscal year.
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In related news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $12.14, for a total value of $60,700.00. Following the completion of the transaction, the chief executive officer now owns 88,385 shares of the company’s stock, valued at approximately $1,072,993.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 15,000 shares of company stock valued at $197,750 in the last ninety days. Company insiders own 7.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CYTK. State of Alaska Department of Revenue acquired a new stake in Cytokinetics, during the second quarter valued at about $109,000. Municipal Employees Retirement System of Michigan acquired a new stake in Cytokinetics, during the second quarter valued at about $132,000. LMR Partners LLP acquired a new stake in Cytokinetics, during the first quarter valued at about $156,000. Bank of America Corp DE boosted its stake in Cytokinetics, by 36.8% in the first quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 3,383 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in Cytokinetics, by 4,464.4% in the second quarter. BNP Paribas Arbitrage SA now owns 13,328 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 13,036 shares during the period. 59.65% of the stock is owned by hedge funds and other institutional investors.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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