Cytokinetics (NASDAQ:CYTK) Posts Earnings Results, Misses Estimates By $0.17 EPS

Cytokinetics (NASDAQ:CYTK) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17), Briefing.com reports. The firm had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. During the same period in the previous year, the business posted ($1.38) EPS. The business’s quarterly revenue was down 81.8% compared to the same quarter last year.

Cytokinetics Stock Down 1.5 %

Shares of CYTK traded down $0.95 during trading hours on Thursday, hitting $64.32. The company had a trading volume of 1,346,789 shares, compared to its average volume of 2,725,822. Cytokinetics has a 52-week low of $25.98 and a 52-week high of $110.25. The stock’s 50 day moving average price is $67.82 and its 200 day moving average price is $61.66. The firm has a market cap of $6.73 billion, a P/E ratio of -11.86 and a beta of 0.72.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $108.00 price objective on shares of Cytokinetics in a research note on Thursday. JMP Securities decreased their target price on Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a research note on Thursday. Oppenheimer lowered their price target on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a report on Thursday. HC Wainwright reissued a “buy” rating and set a $94.00 price objective on shares of Cytokinetics in a report on Wednesday. Finally, Mizuho lowered their target price on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.60.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 15,547 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the sale, the executive vice president now owns 137,056 shares in the company, valued at $8,923,716.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total value of $1,012,265.17. Following the sale, the executive vice president now directly owns 137,056 shares in the company, valued at approximately $8,923,716.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John T. Henderson sold 5,000 shares of Cytokinetics stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the sale, the director now owns 42,632 shares in the company, valued at approximately $3,260,495.36. The disclosure for this sale can be found here. Insiders have sold a total of 96,318 shares of company stock worth $6,701,940 in the last ninety days. 3.40% of the stock is owned by insiders.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.