Cytokinetics (NASDAQ:CYTK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on CYTK. Needham & Company LLC increased their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research note on Thursday, October 15th. Barclays upped their price target on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Citizens Jmp raised their price objective on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Finally, Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Nineteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $106.67.

Cytokinetics Price Performance

Cytokinetics stock opened at $55.14 on Friday. Cytokinetics has a one year low of $53.55 and a one year high of $88.31. The company’s fifty day moving average price is $65.34 and its two-hundred day moving average price is $69.93. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of -9.13 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to the consensus estimate of $41.88 million. During the same period in the prior year, the company posted ($2.55) earnings per share. Cytokinetics’s quarterly revenue was up 2356.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Cytokinetics will post -5.86 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Fady Malik sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $75.46, for a total value of $264,110.00. Following the sale, the executive vice president owned 153,902 shares in the company, valued at approximately $11,613,444.92. The trade was a 2.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 10,000 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $70.24, for a total transaction of $702,400.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares in the company, valued at approximately $4,112,903.20. The trade was a 14.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 173,426 shares of company stock valued at $11,934,640. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Siren L.L.C. acquired a new stake in shares of Cytokinetics during the first quarter worth approximately $40,466,000. Hsbc Holdings PLC raised its stake in shares of Cytokinetics by 5,906.5% in the first quarter. Hsbc Holdings PLC now owns 221,999 shares of the biopharmaceutical company’s stock valued at $14,632,000 after acquiring an additional 218,303 shares during the last quarter. Aberdeen Group plc boosted its holdings in shares of Cytokinetics by 182.8% in the 3rd quarter. Aberdeen Group plc now owns 337,728 shares of the biopharmaceutical company’s stock worth $22,260,000 after acquiring an additional 218,293 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Cytokinetics by 18.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,374,523 shares of the biopharmaceutical company’s stock worth $90,569,000 after acquiring an additional 214,060 shares in the last quarter. Finally, Emerald Advisers LLC acquired a new position in shares of Cytokinetics in the 1st quarter worth approximately $13,104,000.

About Cytokinetics

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance.

The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.

Founded in 1997, Cytokinetics is based in South San Francisco, California.