Cytokinetics’ (CYTK) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued to investors on Friday,Benzinga reports. HC Wainwright currently has a $120.00 price objective on the biopharmaceutical company’s stock.

CYTK has been the subject of several other reports. Royal Bank of Canada raised their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Citigroup initiated coverage on shares of Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 price target on the stock. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Stifel Nicolaus initiated coverage on Cytokinetics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Thursday, February 6th. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Trading Down 7.8 %

Cytokinetics stock opened at $37.36 on Friday. The company has a 50 day moving average price of $44.93 and a 200 day moving average price of $48.93. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics has a 52 week low of $36.89 and a 52 week high of $75.71. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of -6.94 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping the consensus estimate of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. Research analysts forecast that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In related news, EVP Andrew Callos sold 3,341 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total transaction of $144,565.07. Following the completion of the sale, the executive vice president now owns 64,434 shares in the company, valued at $2,788,059.18. This represents a 4.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,284 shares of company stock valued at $2,578,268. 3.40% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the stock. Deep Track Capital LP raised its position in shares of Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after buying an additional 1,870,094 shares during the last quarter. Capital International Investors bought a new position in Cytokinetics during the fourth quarter valued at about $51,564,000. T. Rowe Price Investment Management Inc. raised its holdings in Cytokinetics by 11.0% in 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 acquiring an additional 1,062,136 shares in the last quarter. Norges Bank acquired a new position in Cytokinetics in the 4th quarter valued at approximately $46,556,000. Finally, Vestal Point Capital LP grew its holdings in shares of Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after purchasing an additional 850,000 shares in 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.