Cytokinetics (NASDAQ:CYTK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a research report released on Sunday.

CYTK has been the topic of a number of other research reports. Truist Financial boosted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Royal Bank Of Canada dropped their target price on shares of Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Mizuho lifted their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating on shares of Cytokinetics in a research note on Friday. Nineteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.20.

Cytokinetics Stock Performance

Cytokinetics stock opened at $76.10 on Friday. Cytokinetics has a one year low of $35.22 and a one year high of $88.31. The business has a fifty day moving average of $79.58 and a two-hundred day moving average of $71.53. The company has a market cap of $9.47 billion, a P/E ratio of -10.54 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same quarter in the previous year, the firm posted ($1.12) earnings per share. Cytokinetics’s revenue for the quarter was down 57.1% on a year-over-year basis. Sell-side analysts predict that Cytokinetics will post -6 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. The trade was a 19.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $75.82, for a total transaction of $265,370.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at $11,668,849.64. This trade represents a 2.22% 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. Insiders sold a total of 118,679 shares of company stock valued at $9,382,724 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. Vanguard Group Inc. raised its holdings in Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares during the last quarter. Royce & Associates LP increased its stake in Cytokinetics by 44.3% in the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after purchasing an additional 44,343 shares during the last quarter. Handelsbanken Fonder AB increased its stake 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 last quarter. Norges Bank purchased a new position in Cytokinetics during the fourth quarter worth about $51,281,000. Finally, Eventide Asset Management LLC lifted its position in Cytokinetics by 181.9% during the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after buying an additional 309,503 shares during the period.

Cytokinetics Company Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.