Cytokinetics (NASDAQ:CYTK) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a report issued on Tuesday morning,Wall Street Zen reports.

A number of other equities analysts also recently commented on the stock. Barclays boosted their price objective on shares of Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. UBS Group reissued a “buy” rating and issued a $104.00 price target on shares of Cytokinetics in a research report on Wednesday, October 14th. Truist Financial upped their price objective on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. William Blair started coverage on Cytokinetics in a research report on Friday, October 16th. They set an “outperform” rating on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a research note on Monday. Nineteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $105.44.

Cytokinetics Stock Down 0.8%

Shares of NASDAQ:CYTK opened at $62.33 on Tuesday. Cytokinetics has a 52-week low of $54.30 and a 52-week high of $88.31. The stock has a market cap of $7.76 billion, a P/E ratio of -8.63 and a beta of 0.41. The business’s 50 day moving average is $69.16 and its 200 day moving average is $73.18.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same period last year, the firm earned ($1.12) earnings per share. The company’s revenue for the quarter was down 57.1% on a year-over-year basis. On average, sell-side analysts anticipate that Cytokinetics will post -5.97 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Fady Malik sold 3,500 shares of the firm’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $64.01, for a total value of $224,035.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,851,267.02. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $62.88, for a total value of $471,600.00. Following the sale, the chief executive officer directly owned 278,544 shares of the company’s stock, valued at approximately $17,514,846.72. This represents a 2.62% 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. Over the last 90 days, insiders have sold 191,426 shares of company stock worth $13,543,855. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in shares of Cytokinetics by 11.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock valued at $72,072,000 after purchasing an additional 116,593 shares in the last quarter. ADAR1 Capital Management LLC boosted its position in Cytokinetics by 17.1% during the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after purchasing an additional 92,390 shares in the last quarter. Siren L.L.C. acquired a new stake in Cytokinetics in the first quarter valued at approximately $40,466,000. Handelsbanken Fonder AB grew its holdings in Cytokinetics by 63.8% in the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after purchasing an additional 157,700 shares during the period. Finally, E. Ohman J or Asset Management AB increased its position in shares of Cytokinetics by 1.3% in the second quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company’s stock valued at $25,950,000 after buying an additional 3,849 shares in the last quarter.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.