HC Wainwright Reaffirms “Buy” Rating for Cytokinetics, Incorporated (CYTK)
HC Wainwright restated their buy rating on shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in a research note released on Wednesday morning. They currently have a $26.00 price target on the biopharmaceutical company’s stock.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Cytokinetics, from a hold rating to a buy rating and set a $15.00 price objective for the company in a report on Monday, August 7th. Cowen and Company restated a buy rating and issued a $19.00 price objective on shares of Cytokinetics, in a report on Friday, August 4th. BidaskClub upgraded Cytokinetics, from a hold rating to a buy rating in a report on Tuesday, July 25th. Cantor Fitzgerald restated a buy rating and issued a $21.00 price objective on shares of Cytokinetics, in a report on Monday, September 18th. Finally, Needham & Company LLC restated a buy rating and issued a $22.00 price objective on shares of Cytokinetics, in a report on Sunday, September 17th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $21.30.
Shares of Cytokinetics, (NASDAQ CYTK) opened at 14.30 on Wednesday. The firm’s market cap is $767.42 million. Cytokinetics, has a 12 month low of $8.57 and a 12 month high of $17.20. The firm has a 50 day moving average price of $13.51 and a 200-day moving average price of $13.58.
Cytokinetics, (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, missing the Thomson Reuters’ 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%. On average, analysts predict that Cytokinetics, will post ($2.46) EPS for the current fiscal year.
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In related news, insider Caryn Gordon Mcdowell sold 11,348 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total value of $141,509.56. Following the completion of the sale, the insider now directly owns 21,570 shares in the company, valued at approximately $268,977.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $12.14, for a total transaction of $60,700.00. Following the completion of the sale, the chief executive officer now owns 88,385 shares of the company’s stock, valued at $1,072,993.90. The disclosure for this sale can be found here. Insiders sold a total of 164,809 shares of company stock valued at $2,412,572 over the last quarter. 7.20% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the stock. FMR LLC lifted its stake in Cytokinetics, by 8.8% in the 1st quarter. FMR LLC now owns 5,655,916 shares of the biopharmaceutical company’s stock valued at $72,679,000 after purchasing an additional 456,502 shares during the last quarter. Vanguard Group Inc. lifted its stake in Cytokinetics, by 59.9% in the 2nd quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock valued at $37,721,000 after purchasing an additional 1,168,151 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in Cytokinetics, in the 2nd quarter valued at about $32,488,000. State Street Corp lifted its stake in Cytokinetics, by 79.6% in the 2nd quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock valued at $20,259,000 after purchasing an additional 741,909 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in Cytokinetics, by 9.9% in the 2nd quarter. Citigroup Inc. now owns 800,471 shares of the biopharmaceutical company’s stock valued at $9,686,000 after purchasing an additional 71,811 shares during the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
Cytokinetics, Company Profile
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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