Cytokinetics’ (CYTK) Buy Rating Reaffirmed at B. Riley

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by stock analysts at B. Riley in a report issued on Monday,Benzinga reports. They presently have a $90.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $80.00. B. Riley’s target price points to a potential upside of 44.72% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research note on Wednesday, October 8th. Evercore ISI boosted their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, September 3rd. Bank of America upped their price objective on shares of Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. Finally, JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Tuesday, September 2nd. Thirteen investment 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.36.

Cytokinetics Price Performance

NASDAQ:CYTK traded up $2.03 during mid-day trading on Monday, hitting $62.19. The company’s stock had a trading volume of 424,884 shares, compared to its average volume of 1,901,666. The business’s fifty day moving average is $55.26 and its two-hundred day moving average is $42.13. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of -12.13 and a beta of 0.58. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $64.13.

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

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,295 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $59.55, for a total value of $136,667.25. Following the sale, the executive vice president owned 140,610 shares in the company, valued at approximately $8,373,325.50. The trade was a 1.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $49.77, for a total value of $248,850.00. Following the transaction, the chief executive officer owned 373,108 shares of the company’s stock, valued at $18,569,585.16. This trade represents a 1.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 56,983 shares of company stock worth $3,165,356. 2.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently added to or reduced their stakes in the business. Monaco Asset Management SAM boosted its holdings in Cytokinetics by 182.4% in the third quarter. Monaco Asset Management SAM now owns 120,000 shares of the biopharmaceutical company’s stock valued at $6,595,000 after purchasing an additional 77,500 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its stake in Cytokinetics by 280.7% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 149,957 shares of the biopharmaceutical company’s stock worth $8,242,000 after acquiring an additional 110,568 shares during the last quarter. Fifth Third Bancorp grew its holdings in Cytokinetics by 32.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after acquiring an additional 262 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Cytokinetics by 28.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,049 shares of the biopharmaceutical company’s stock valued at $332,000 after purchasing an additional 1,343 shares in the last quarter. Finally, Aberdeen Group plc lifted its position in shares of Cytokinetics by 0.5% during the 3rd quarter. Aberdeen Group plc now owns 927,832 shares of the biopharmaceutical company’s stock worth $50,994,000 after purchasing an additional 4,903 shares during the last quarter.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.