HC Wainwright Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $94.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price objective suggests a potential upside of 46.83% from the company’s current price.

Several other equities research analysts have also commented on CYTK. Mizuho decreased their price target on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. UBS Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and upped their target price for the company from $61.00 to $92.00 in a report on Wednesday, January 24th. Oppenheimer restated an “outperform” rating and set a $107.00 target price on shares of Cytokinetics in a report on Monday, March 4th. Truist Financial reaffirmed a “buy” rating and set a $86.00 price target on shares of Cytokinetics in a research note on Monday, April 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $108.00 price objective on shares of Cytokinetics in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $81.60.

Cytokinetics Price Performance

Cytokinetics stock opened at $64.02 on Wednesday. The stock’s 50 day moving average price is $67.65 and its 200 day moving average price is $61.68. The company has a market cap of $6.70 billion, a PE ratio of -11.75 and a beta of 0.72. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same quarter in the previous year, the business posted ($1.38) earnings per share. The firm’s revenue for the quarter was down 81.8% on a year-over-year basis. On average, equities research analysts anticipate that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the sale, the executive vice president now owns 138,973 shares of the company’s stock, valued at $9,389,015.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Fady Ibraham Malik sold 32,604 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $67.56, for a total value of $2,202,726.24. Following the completion of the sale, the executive vice president now owns 138,973 shares in the company, valued at $9,389,015.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now directly owns 32,070 shares in the company, valued at $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold a total of 96,318 shares of company stock worth $6,701,940 in the last three months. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Cytokinetics by 96.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 1,209 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Cytokinetics during the 4th quarter valued at approximately $80,000. Sage Rhino Capital LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at approximately $204,000. Finally, Caprock Group LLC purchased a new position in shares of Cytokinetics during the 4th quarter valued at approximately $216,000.

About Cytokinetics

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.