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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued on Friday,Benzinga reports.

CYTK has been the subject of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Mizuho raised their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Monday, December 2nd. Finally, Royal Bank of Canada increased their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.64.

Cytokinetics Trading Down 2.4 %

Shares of Cytokinetics stock opened at $47.37 on Friday. The company’s 50-day moving average price is $50.53 and its 200-day moving average price is $53.52. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 12-month low of $45.66 and a 12-month high of $108.61. The company has a market cap of $5.59 billion, a price-to-earnings ratio of -8.80 and a beta of 0.82.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. During the same period last year, the firm posted ($1.35) earnings per share. Cytokinetics’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, equities analysts expect that Cytokinetics will post -5.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Wendall Wierenga sold 742 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the sale, the director now directly owns 24,559 shares of the company’s stock, valued at $1,193,812.99. This represents a 2.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $51.63, for a total value of $258,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,520,653.28. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,516 shares of company stock worth $3,004,383. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. UMB Bank n.a. increased its stake in shares of Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Cytokinetics by 225.9% in the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after buying an additional 680 shares during the last quarter. Values First Advisors Inc. bought a new position in Cytokinetics during the 3rd quarter valued at approximately $54,000. Quarry LP raised its stake in Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,400 shares during the last quarter. Finally, Avior Wealth Management LLC raised its stake in Cytokinetics by 57.1% during the third quarter. Avior Wealth Management LLC now owns 3,999 shares of the biopharmaceutical company’s stock valued at $211,000 after buying an additional 1,454 shares during 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.