Cytokinetics (NASDAQ:CYTK) Earns Overweight Rating from Analysts at Barclays

Analysts at Barclays started coverage on shares of Cytokinetics (NASDAQ:CYTK) in a report issued on Wednesday. The firm set an “overweight” rating and a $87.00 price target on the biopharmaceutical company’s stock. Barclays‘s price objective points to a potential upside of 35.92% from the stock’s previous close.

Several other brokerages have also recently weighed in on CYTK. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a report on Friday, January 9th. HC Wainwright raised their price objective on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Cytokinetics in a report on Wednesday, January 21st. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.00.

Cytokinetics Trading Up 1.3%

NASDAQ CYTK opened at $64.01 on Wednesday. The company has a market cap of $7.83 billion, a P/E ratio of -10.18 and a beta of 0.55. The company has a fifty day simple moving average of $63.81 and a 200 day simple moving average of $54.30. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. The firm’s quarterly revenue was up 318.1% on a year-over-year basis. During the same period last year, the business posted ($1.36) earnings per share. Sell-side analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,000 shares of Cytokinetics stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $60.28, for a total value of $904,200.00. Following the sale, the executive vice president owned 50,440 shares of the company’s stock, valued at approximately $3,040,523.20. The trade was a 22.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the completion of the transaction, the executive vice president owned 138,552 shares in the company, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 155,169 shares of company stock valued at $10,090,784 in the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the last quarter. Quarry LP bought a new stake in Cytokinetics in the 3rd quarter valued at about $30,000. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics during the fourth quarter valued at about $32,000. Advisory Services Network LLC bought a new position in Cytokinetics during the third quarter worth about $32,000. Finally, Johnson Financial Group Inc. purchased a new position in shares of Cytokinetics in the third quarter worth about $40,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.