Cytokinetics (NASDAQ:CYTK) Sets New 12-Month Low After Analyst Downgrade

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price hit a new 52-week low during trading on Thursday after Leerink Partners lowered their price target on the stock from $103.00 to $100.00. Leerink Partners currently has an outperform rating on the stock. Cytokinetics traded as low as $57.55 and last traded at $56.60, with a volume of 575,260 shares trading hands. The stock had previously closed at $63.60.

Other analysts have also recently issued reports about the company. William Blair started coverage on Cytokinetics in a research report on Friday, October 16th. They set an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a research report on Monday, October 19th. Truist Financial raised their target price on Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Barclays lifted their price target on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Nineteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus price target of $106.67.

Insider Buying and Selling at Cytokinetics

In related news, EVP Fady Malik sold 3,500 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $68.29, for a total value of $239,015.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $10,509,967.58. This represents a 2.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of Cytokinetics stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the sale, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. This trade represents a 20.26% 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. Over the last quarter, insiders sold 180,926 shares of company stock valued at $12,510,340. Corporate insiders own 2.60% of the company’s stock.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Physician Wealth Advisors Inc. lifted its stake in shares of Cytokinetics by 810.2% during the third quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 397 shares during the period. V Square Quantitative Management LLC raised its stake in Cytokinetics by 71.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after acquiring an additional 191 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Cytokinetics during the 2nd quarter worth about $36,000. Rockefeller Capital Management L.P. lifted its position in Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after acquiring an additional 573 shares during the period. Finally, Manchester Capital Management LLC acquired a new stake in Cytokinetics during the 3rd quarter worth about $43,000.

Cytokinetics Stock Performance

The company has a 50 day simple moving average of $65.68 and a two-hundred day simple moving average of $69.97. The firm has a market cap of $6.68 billion, a PE ratio of -8.89 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.43) by $0.06. The business had revenue of $47.56 million during the quarter, compared to analyst estimates of $41.88 million. The firm’s revenue was up 2356.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.55) EPS. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.97 earnings per share for the current fiscal year.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.