Cytokinetics,’s (NASDAQ:CYTK) “Buy” Rating Reiterated at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in a report published on Friday morning. They currently have a $19.00 price objective on the biopharmaceutical company’s stock.
“CYTK reported a Q2 loss of $29.1MM and ended the quarter with $332MM in cash.”,” the firm’s analyst commented.
CYTK has been the subject of several other reports. HC Wainwright reaffirmed a buy rating and issued a $25.00 price objective on shares of Cytokinetics, in a research note on Tuesday, April 25th. BidaskClub raised Cytokinetics, from a hold rating to a buy rating in a research note on Tuesday, July 25th. Morgan Stanley assumed coverage on Cytokinetics, in a research note on Monday, July 31st. They issued an overweight rating and a $24.00 price objective for the company. Zacks Investment Research lowered Cytokinetics, from a buy rating to a sell rating in a research note on Monday, July 17th. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of Cytokinetics, in a research note on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $21.20.
Shares of Cytokinetics, (NASDAQ CYTK) traded down 3.61% during trading on Friday, reaching $12.70. The company’s stock had a trading volume of 675,196 shares. The company has a 50 day moving average of $13.67 and a 200-day moving average of $12.95. The stock’s market cap is $612.36 million. Cytokinetics, has a 12-month low of $8.51 and a 12-month high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by $0.03. The company had revenue of $3.05 million during the quarter, compared to the consensus estimate of $5.28 million. Cytokinetics, had a negative net margin of 16.00% and a negative return on equity of 14.15%. Analysts forecast that Cytokinetics, will post ($2.02) EPS for the current year.
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In other Cytokinetics, news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $12.14, for a total transaction of $60,700.00. Following the transaction, the chief executive officer now directly owns 88,385 shares in the company, 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 have sold a total of 15,000 shares of company stock worth $197,750 over the last 90 days. 7.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in Cytokinetics, by 8.8% in the first quarter. FMR LLC now owns 5,655,916 shares of the biopharmaceutical company’s stock valued at $72,679,000 after buying an additional 456,502 shares during the last quarter. Acadian Asset Management LLC increased its position in Cytokinetics, by 128.9% in the second quarter. Acadian Asset Management LLC now owns 766,263 shares of the biopharmaceutical company’s stock valued at $9,271,000 after buying an additional 431,457 shares during the last quarter. Bank of New York Mellon Corp increased its position in Cytokinetics, by 252.0% in the second quarter. Bank of New York Mellon Corp now owns 526,790 shares of the biopharmaceutical company’s stock valued at $6,374,000 after buying an additional 377,145 shares during the last quarter. Vanguard Group Inc. increased its position in Cytokinetics, by 15.9% in the first quarter. Vanguard Group Inc. now owns 1,949,345 shares of the biopharmaceutical company’s stock valued at $25,049,000 after buying an additional 267,437 shares during the last quarter. Finally, Bogle Investment Management L P DE purchased a new position in Cytokinetics, during the first quarter valued at approximately $2,682,000. Institutional investors own 59.76% of the company’s stock.
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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