Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Rating of “Moderate Buy” by Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $74.44.

Several equities analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, April 21st. Bank of America reduced their price objective on shares of Cytokinetics from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada reduced their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research note on Friday, March 7th. Finally, Citigroup reduced their price objective on shares of Cytokinetics from $86.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th.

Cytokinetics Stock Down 4.7%

CYTK stock opened at $30.61 on Wednesday. The company’s 50 day simple moving average is $39.69 and its 200-day simple moving average is $45.68. The firm has a market capitalization of $3.66 billion, a PE ratio of -5.69 and a beta of 0.81. Cytokinetics has a 12 month low of $30.46 and a 12 month high of $61.40. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating the consensus estimate of ($1.41) by $0.05. The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.77 million. The firm’s revenue for the quarter was up 89.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.33) earnings per share. Equities analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Andrew Callos sold 2,886 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $35.78, for a total value of $103,261.08. Following the transaction, the executive vice president now owns 64,689 shares of the company’s stock, valued at approximately $2,314,572.42. This trade represents a 4.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $40.96, for a total transaction of $204,800.00. Following the completion of the transaction, the chief executive officer now directly owns 417,629 shares in the company, valued at approximately $17,106,083.84. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,362 shares of company stock valued at $3,899,118. Company insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock valued at $560,520,000 after purchasing an additional 154,216 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Cytokinetics by 11.0% during the 4th 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 purchasing an additional 1,062,136 shares in the last quarter. Deep Track Capital LP grew its holdings in Cytokinetics by 296.9% during the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after purchasing an additional 1,870,094 shares in the last quarter. Vestal Point Capital LP grew its holdings in Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after purchasing an additional 850,000 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Cytokinetics by 14.9% during the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company’s stock valued at $101,292,000 after purchasing an additional 279,612 shares in the last quarter.

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.