Cytokinetics (NASDAQ:CYTK) Stock Rating Lowered by Wall Street Zen

Cytokinetics (NASDAQ:CYTK) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

CYTK has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Friday, September 11th. JPMorgan Chase & Co. increased their price objective on shares of Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Royal Bank Of Canada cut their price objective on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Finally, Mizuho boosted their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Eighteen 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $106.00.

Cytokinetics Trading Down 4.4%

CYTK opened at $62.70 on Friday. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of -8.68 and a beta of 0.41. Cytokinetics has a 12-month low of $54.30 and a 12-month high of $88.31. The business’s fifty day simple moving average is $73.11 and its 200-day simple moving average is $73.26.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same quarter in the previous year, the firm earned ($1.12) earnings per share. The business’s revenue was down 57.1% compared to the same quarter last year. On average, equities research analysts predict that Cytokinetics will post -5.98 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, Director Robert Landry sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total value of $72,130.00. Following the sale, the director directly owned 8,184 shares in the company, valued at approximately $590,311.92. This trade represents a 10.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 10,000 shares of Cytokinetics stock in a transaction that occurred on 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 transaction, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 187,926 shares of company stock valued at $13,530,605. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors have recently bought and sold shares of the company. Cim Investment Management Inc. lifted its holdings in shares of Cytokinetics by 20.9% during the 2nd quarter. Cim Investment Management Inc. now owns 5,657 shares of the biopharmaceutical company’s stock valued at $482,000 after purchasing an additional 979 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Cytokinetics by 24.7% in the 2nd quarter. Tidal Investments LLC now owns 24,921 shares of the biopharmaceutical company’s stock worth $2,123,000 after purchasing an additional 4,938 shares in the last quarter. WINTON GROUP Ltd purchased a new position in Cytokinetics during the 2nd quarter worth $774,000. Integrated Wealth Concepts LLC purchased a new position in Cytokinetics during the 2nd quarter worth $36,000. Finally, Squarepoint Ops LLC purchased a new position in Cytokinetics during the 2nd quarter worth $226,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.