Cytokinetics (NASDAQ:CYTK) Stock Rating Lowered by Wall Street Zen

Cytokinetics (NASDAQ:CYTK) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

CYTK has been the subject of several other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Tuesday, September 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. Bank of America raised their target price on Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Finally, Evercore ISI boosted their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.64.

Cytokinetics Price Performance

CYTK stock opened at $60.16 on Friday. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of -11.80 and a beta of 0.58. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $64.13. The firm has a fifty day moving average price of $55.26 and a two-hundred day moving average price of $42.13.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. During the same quarter in the previous year, the business posted ($1.36) earnings per share. The company’s quarterly revenue was up 318.1% compared to the same quarter last year. As a group, analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $49.77, for a total transaction of $248,850.00. Following the sale, the chief executive officer directly owned 373,108 shares in the company, valued at $18,569,585.16. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,295 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $59.55, for a total transaction of $136,667.25. Following the completion of the transaction, the executive vice president owned 140,610 shares of the company’s stock, valued at $8,373,325.50. This represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,983 shares of company stock valued at $3,165,356 over the last three months. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Large investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Cytokinetics by 280.7% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 149,957 shares of the biopharmaceutical company’s stock worth $8,242,000 after purchasing an additional 110,568 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Cytokinetics by 28.5% in the third quarter. PNC Financial Services Group Inc. now owns 6,049 shares of the biopharmaceutical company’s stock worth $332,000 after buying an additional 1,343 shares during the last quarter. Aberdeen Group plc increased its holdings in shares of Cytokinetics by 0.5% in the third quarter. Aberdeen Group plc now owns 927,832 shares of the biopharmaceutical company’s stock valued at $50,994,000 after buying an additional 4,903 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of Cytokinetics by 27.3% during the 3rd quarter. Assetmark Inc. now owns 3,363 shares of the biopharmaceutical company’s stock valued at $185,000 after acquiring an additional 721 shares during the last quarter.

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.