Cytokinetics (NASDAQ:CYTK) Upgraded by Wall Street Zen to Hold Rating

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

A number of other analysts also recently weighed in on CYTK. Raymond James Financial started coverage on Cytokinetics in a research report on Wednesday, July 30th. They issued a “market perform” rating for the company. Royal Bank Of Canada dropped their target price on Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald upgraded Cytokinetics to a “strong-buy” rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. dropped their target price on Cytokinetics from $71.00 to $53.00 and set an “overweight” rating for the company in a research report on Monday, June 9th. Finally, Mizuho dropped their target price on Cytokinetics from $103.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, May 29th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $70.69.

Cytokinetics Trading Down 3.2%

Shares of NASDAQ CYTK opened at $34.11 on Friday. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $59.39. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -6.69 and a beta of 0.64. The business has a 50-day moving average of $34.88 and a 200-day moving average of $38.64.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to analysts’ expectations of $1.95 million. The firm’s revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.31) EPS. On average, analysts predict that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, Director Muna Bhanji sold 1,454 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the completion of the transaction, the director owned 23,510 shares in the company, valued at $698,952.30. This represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the transaction, the chief executive officer owned 388,108 shares of the company’s stock, valued at approximately $14,146,536.60. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,749 shares of company stock valued at $1,350,617. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently made changes to their positions in CYTK. Deep Track Capital LP raised its holdings in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after acquiring an additional 1,870,094 shares in the last quarter. Capital International Investors bought a new position in shares of Cytokinetics during the fourth quarter valued at approximately $51,564,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Cytokinetics by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after acquiring an additional 1,062,136 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its holdings in shares of Cytokinetics by 571.2% during the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after acquiring an additional 921,278 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new position in shares of Cytokinetics during the first quarter valued at approximately $34,510,000.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.