Cytokinetics (NASDAQ:CYTK) Given Buy Rating at HC Wainwright

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued on Monday, Benzinga reports. They presently have a $140.00 target price on the biopharmaceutical company’s stock. HC Wainwright‘s price target would indicate a potential upside of 122.72% from the company’s previous close.

A number of other equities research analysts have also commented on CYTK. Needham & Company LLC raised their price objective on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Barclays lifted their price objective on Cytokinetics from $95.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Truist Financial increased their target price on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, Citizens Jmp boosted their target price on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Nineteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $105.44.

Cytokinetics Price Performance

NASDAQ CYTK opened at $62.86 on Monday. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of -8.71 and a beta of 0.41. Cytokinetics has a 12 month low of $54.30 and a 12 month high of $88.31. The company’s fifty day moving average price is $69.38 and its two-hundred day moving average price is $73.21.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same quarter in the prior year, the business earned ($1.12) EPS. Cytokinetics’s revenue was down 57.1% compared to the same quarter last year. As a group, analysts anticipate that Cytokinetics will post -5.97 EPS for the current year.

Insider Activity

In other news, EVP Andrew Callos sold 14,000 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $79.88, for a total value of $1,118,320.00. Following the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $4,677,373.40. This represents a 19.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B. Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.48, for a total transaction of $357,400.00. Following the completion of the sale, the director owned 10,784 shares of the company’s stock, valued at approximately $770,840.32. The trade was a 31.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 191,426 shares of company stock worth $13,543,855 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Siren L.L.C. bought a new position in shares of Cytokinetics during the first quarter worth about $40,466,000. Hsbc Holdings PLC grew its stake in Cytokinetics by 5,906.5% in the first quarter. Hsbc Holdings PLC now owns 221,999 shares of the biopharmaceutical company’s stock valued at $14,632,000 after acquiring an additional 218,303 shares during the period. Emerald Advisers LLC acquired a new position in Cytokinetics during the first quarter worth $13,104,000. Candriam S.C.A. raised its stake in shares of Cytokinetics by 128.6% in the first quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company’s stock worth $22,094,000 after purchasing an additional 188,577 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Cytokinetics by 63.8% during the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after purchasing an additional 157,700 shares in the last quarter.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.