Brokerages Expect Cytokinetics, Incorporated (NASDAQ:CYTK) Will Post Quarterly Sales of $5.46 Million

Equities analysts forecast that Cytokinetics, Incorporated (NASDAQ:CYTK) will announce $5.46 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cytokinetics’ earnings, with the lowest sales estimate coming in at $2.84 million and the highest estimate coming in at $8.00 million. Cytokinetics posted sales of $41.69 million during the same quarter last year, which would indicate a negative year over year growth rate of 86.9%. The business is expected to report its next earnings report on Wednesday, November 3rd.

On average, analysts expect that Cytokinetics will report full year sales of $22.79 million for the current financial year, with estimates ranging from $15.08 million to $27.50 million. For the next year, analysts forecast that the business will post sales of $42.77 million, with estimates ranging from $21.00 million to $95.09 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Cytokinetics.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 5th. The biopharmaceutical company reported ($0.86) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.66) by ($0.20). Cytokinetics had a negative net margin of 269.48% and a negative return on equity of 179.39%. The business had revenue of $2.84 million for the quarter, compared to analysts’ expectations of $5.68 million.

CYTK has been the subject of several recent analyst reports. 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. Jefferies Financial Group initiated coverage on Cytokinetics in a research note on Wednesday, October 6th. They issued a “buy” rating and a $75.00 price target for the company. Piper Sandler dropped their price target on Cytokinetics from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, August 9th. Zacks Investment Research upgraded Cytokinetics from a “sell” rating to a “hold” rating and set a $43.00 price target for the company in a research note on Wednesday, October 6th. Finally, Needham & Company LLC upped their price target on Cytokinetics from $33.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, July 19th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of “Buy” and an average price target of $47.00.

In related news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Thursday, July 22nd. The stock was sold at an average price of $29.82, for a total transaction of $149,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sandford D. Smith sold 11,965 shares of the stock in a transaction on Monday, July 19th. The shares were sold at an average price of $28.87, for a total value of $345,429.55. The disclosure for this sale can be found here. Insiders have sold a total of 41,150 shares of company stock worth $1,281,831 in the last 90 days. 5.70% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE increased its stake in Cytokinetics by 144.8% in the second quarter. US Bancorp DE now owns 1,687 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 998 shares during the period. Quantbot Technologies LP purchased a new stake in Cytokinetics in the first quarter worth $44,000. Captrust Financial Advisors increased its stake in Cytokinetics by 1,422.1% in the first quarter. Captrust Financial Advisors now owns 2,131 shares of the biopharmaceutical company’s stock worth $50,000 after purchasing an additional 1,991 shares during the period. Pinz Capital Management LP purchased a new stake in Cytokinetics in the first quarter worth $109,000. Finally, The PNC Financial Services Group Inc. increased its stake in Cytokinetics by 16.1% in the first quarter. The PNC Financial Services Group Inc. now owns 4,917 shares of the biopharmaceutical company’s stock worth $115,000 after purchasing an additional 681 shares during the period. Institutional investors and hedge funds own 90.54% of the company’s stock.

Shares of NASDAQ:CYTK traded down $0.03 during mid-day trading on Monday, reaching $37.95. 23,687 shares of the company traded hands, compared to its average volume of 1,189,246. The company’s 50 day moving average price is $33.18 and its 200-day moving average price is $27.03. The firm has a market cap of $3.17 billion, a PE ratio of -17.45 and a beta of 1.41. The company has a debt-to-equity ratio of 7.76, a current ratio of 5.90 and a quick ratio of 5.90. Cytokinetics has a 52 week low of $14.89 and a 52 week high of $39.46.

Cytokinetics Company Profile

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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Earnings History and Estimates for Cytokinetics (NASDAQ:CYTK)

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