According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “
CYTK has been the subject of several other reports. ValuEngine upgraded shares of Cytokinetics from a “buy” rating to a “strong-buy” rating in a report on Friday, May 10th. Needham & Company LLC set a $16.00 target price on shares of Cytokinetics and gave the stock a “buy” rating in a report on Friday, August 9th. Cantor Fitzgerald reiterated a “buy” rating and issued a $14.00 target price on shares of Cytokinetics in a report on Friday, May 10th. Morgan Stanley set a $16.00 price target on shares of Cytokinetics and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Piper Jaffray Companies set a $14.00 price target on shares of Cytokinetics and gave the stock a “buy” rating in a report on Monday, July 15th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $16.00.
Shares of CYTK traded up $0.46 during midday trading on Wednesday, hitting $13.83. The stock had a trading volume of 206,159 shares, compared to its average volume of 505,970. Cytokinetics has a fifty-two week low of $5.75 and a fifty-two week high of $14.42. The business has a 50-day simple moving average of $12.87 and a two-hundred day simple moving average of $10.12. The firm has a market cap of $824.44 million, a P/E ratio of -7.09 and a beta of 1.64. The company has a current ratio of 8.42, a quick ratio of 8.42 and a debt-to-equity ratio of 12.35.
Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative return on equity of 575.21% and a negative net margin of 308.73%. The firm had revenue of $7.14 million during the quarter, compared to analyst estimates of $6.81 million. On average, analysts expect that Cytokinetics will post -2 earnings per share for the current fiscal year.
In related news, CEO Robert I. Blum sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $10.94, for a total transaction of $65,640.00. Following the completion of the sale, the chief executive officer now directly owns 256,022 shares in the company, valued at $2,800,880.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 22,500 shares of company stock valued at $252,375. 5.70% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CYTK. Bank of Montreal Can raised its position in Cytokinetics by 109.5% during the first quarter. Bank of Montreal Can now owns 3,321 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 1,736 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Cytokinetics by 59,718.8% during the first quarter. BNP Paribas Arbitrage SA now owns 9,571 shares of the biopharmaceutical company’s stock valued at $77,000 after acquiring an additional 9,555 shares in the last quarter. Meeder Asset Management Inc. raised its position in Cytokinetics by 404.0% during the second quarter. Meeder Asset Management Inc. now owns 9,994 shares of the biopharmaceutical company’s stock valued at $112,000 after acquiring an additional 8,011 shares in the last quarter. Everence Capital Management Inc. bought a new position in Cytokinetics during the first quarter valued at approximately $133,000. Finally, SG Americas Securities LLC bought a new position in Cytokinetics during the first quarter valued at approximately $151,000. 74.55% of the stock is currently owned by hedge funds and other institutional investors.
Cytokinetics Company Profile
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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