Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by research analysts at Cantor Fitzgerald in a research note issued on Wednesday. They presently have a $14.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 84.70% from the company’s current price.
The analysts wrote, “We have an Overweight rating based on ome’ in chronic HF and relde’ in SMA & ALS. For ome’, GALACTIC-HF data are expected in 2021, with interim reads in ’19 (futility) and ’20 (efficacy) that may lead to milestone payments to CYTK. Recent relde’ P2 data in SMA showed clinical benefit in 6MWD & MEP which enhances PoS in Type III SMA in our view. With VITALITY-ALS lessons learned & SMA PoC in hand, we are cautiously optimistic on relde’ prospects and believe investors may be overlooking potential value creation within the next 12 months.””
CYTK has been the subject of a number of other research reports. BidaskClub downgraded Cytokinetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. ValuEngine raised shares of Cytokinetics from a “hold” rating to a “buy” rating in a report on Wednesday, October 3rd. Finally, HC Wainwright lowered their price target on shares of Cytokinetics from $24.00 to $21.00 and set a “buy” rating for the company in a report on Friday, October 5th. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $12.83.
Shares of NASDAQ:CYTK traded up $0.02 during midday trading on Wednesday, reaching $7.58. The company’s stock had a trading volume of 2,509 shares, compared to its average volume of 367,104. The company has a market cap of $413.61 million, a P/E ratio of -2.93 and a beta of 2.01. The company has a quick ratio of 10.58, a current ratio of 10.57 and a debt-to-equity ratio of 0.73. Cytokinetics has a 1 year low of $6.02 and a 1 year high of $10.26.
Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.11. The business had revenue of $10.64 million during the quarter, compared to analyst estimates of $2.23 million. Sell-side analysts expect that Cytokinetics will post -1.96 earnings per share for the current fiscal year.
In other news, CEO Robert I. Blum sold 4,000 shares of the stock in a transaction on Monday, November 5th. The stock was sold at an average price of $7.11, for a total value of $28,440.00. Following the completion of the sale, the chief executive officer now owns 156,022 shares in the company, valued at $1,109,316.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 11,000 shares of company stock valued at $87,330 in the last quarter. Insiders own 5.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in Cytokinetics by 9.5% during the third quarter. BlackRock Inc. now owns 8,698,387 shares of the biopharmaceutical company’s stock worth $85,680,000 after purchasing an additional 754,593 shares during the period. Vanguard Group Inc. raised its holdings in Cytokinetics by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,443,358 shares of the biopharmaceutical company’s stock valued at $33,917,000 after buying an additional 27,868 shares during the last quarter. FMR LLC raised its holdings in Cytokinetics by 3.7% during the 3rd quarter. FMR LLC now owns 1,956,383 shares of the biopharmaceutical company’s stock valued at $19,271,000 after buying an additional 70,631 shares during the last quarter. Wasatch Advisors Inc. increased its position in Cytokinetics by 3.4% during the 3rd quarter. Wasatch Advisors Inc. now owns 1,892,592 shares of the biopharmaceutical company’s stock valued at $18,642,000 after purchasing an additional 62,543 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Cytokinetics by 5.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 581,465 shares of the biopharmaceutical company’s stock worth $5,727,000 after buying an additional 29,923 shares during the period. 70.47% of the stock is currently owned by institutional investors.
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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