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

Cytokinetics (NASDAQ:CYTK) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price objective on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Citigroup lifted their target price on Cytokinetics from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday. Citizens Jmp lifted their target price on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Needham & Company LLC boosted their price target on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada upped their price target on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.67.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $53.69 on Friday. The firm’s 50 day moving average price is $65.68 and its 200-day moving average price is $69.97. The company has a market cap of $6.68 billion, a PE ratio of -8.89 and a beta of 0.45. Cytokinetics has a 52-week low of $53.55 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, beating analysts’ consensus estimates of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to analysts’ expectations of $41.88 million. The company’s quarterly 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. On average, analysts forecast that Cytokinetics will post -5.86 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, Director Robert Landry sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total transaction of $72,130.00. Following the completion of the transaction, the director directly owned 8,184 shares of the company’s stock, valued at $590,311.92. The trade was a 10.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $62.93, for a total transaction of $220,255.00. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $9,685,052.86. This trade represents a 2.22% 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. Insiders sold 173,426 shares of company stock worth $11,934,640 over the last three months. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. Aberdeen Group plc increased its position in shares of Cytokinetics by 182.8% during the 3rd quarter. Aberdeen Group plc now owns 337,728 shares of the biopharmaceutical company’s stock valued at $22,260,000 after purchasing an additional 218,293 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Cytokinetics by 35.6% in the 3rd quarter. Allworth Financial LP now owns 732 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 192 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Cytokinetics by 10.1% in the 3rd quarter. Fisher Asset Management LLC now owns 818,832 shares of the biopharmaceutical company’s stock worth $53,969,000 after purchasing an additional 75,135 shares during the period. New York Life Investment Management LLC lifted its stake in shares of Cytokinetics by 29.3% in the 3rd quarter. New York Life Investment Management LLC now owns 19,047 shares of the biopharmaceutical company’s stock worth $1,255,000 after purchasing an additional 4,316 shares during the period. Finally, Retirement Systems of Alabama boosted its holdings in shares of Cytokinetics by 2.1% in the third quarter. Retirement Systems of Alabama now owns 143,395 shares of the biopharmaceutical company’s stock worth $9,451,000 after buying an additional 2,969 shares during the last quarter.

Cytokinetics News Roundup

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

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.