Zacks Investment Research Upgrades Cytokinetics (NASDAQ:CYTK) to “Buy”

Zacks Investment Research upgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $40.00 price target on the biopharmaceutical company’s stock.

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 a number of other research reports. HC Wainwright boosted their target price on Cytokinetics from $62.00 to $69.00 and gave the stock a buy rating in a research report on Tuesday, December 21st. JMP Securities reiterated a buy rating on shares of Cytokinetics in a research note on Thursday, November 4th. Oppenheimer assumed coverage on Cytokinetics in a research note on Tuesday, December 21st. They set an outperform rating and a $55.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on Cytokinetics in a research note on Friday, December 10th. They issued an overweight rating and a $58.00 price target for the company. Finally, Cantor Fitzgerald upped their price target on Cytokinetics from $48.00 to $57.00 and gave the stock an overweight rating in a research note on Tuesday, October 12th. Fourteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $52.43.

Shares of CYTK opened at $33.00 on Tuesday. The company has a market capitalization of $2.77 billion, a P/E ratio of -10.68 and a beta of 1.23. Cytokinetics has a 1-year low of $17.72 and a 1-year high of $47.90. The firm’s 50 day simple moving average is $39.50 and its 200 day simple moving average is $34.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 6.12 and a quick ratio of 6.12.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, November 3rd. The biopharmaceutical company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.20). The firm had revenue of $5.44 million during the quarter, compared to analysts’ expectations of $5.46 million. Cytokinetics had a negative return on equity of 204.75% and a negative net margin of 1,061.13%. During the same period in the previous year, the firm earned ($0.05) earnings per share. On average, equities analysts anticipate that Cytokinetics will post -3.23 earnings per share for the current year.

In other news, insider David Cragg sold 45,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $41.76, for a total value of $1,879,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Wendall Wierenga sold 4,166 shares of Cytokinetics stock in a transaction that occurred on Monday, December 27th. The stock was sold at an average price of $44.37, for a total value of $184,845.42. The disclosure for this sale can be found here. Insiders sold 253,333 shares of company stock valued at $9,843,322 over the last 90 days. Company insiders own 5.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Logos Global Management LP boosted its stake in Cytokinetics by 100.0% during the second quarter. Logos Global Management LP now owns 1,400,000 shares of the biopharmaceutical company’s stock worth $27,706,000 after buying an additional 700,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cytokinetics by 4.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,210,422 shares of the biopharmaceutical company’s stock valued at $23,954,000 after purchasing an additional 52,294 shares during the last quarter. Mirador Capital Partners LP lifted its stake in shares of Cytokinetics by 3.1% in the 3rd quarter. Mirador Capital Partners LP now owns 163,476 shares of the biopharmaceutical company’s stock valued at $5,843,000 after purchasing an additional 4,977 shares during the last quarter. Frontier Capital Management Co. LLC acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $26,999,000. Finally, Moody Aldrich Partners LLC acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $3,580,000.

About Cytokinetics

Cytokinetics, Inc operates as a biopharmaceutical company. The firm focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS).

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