Cytokinetics (NASDAQ:CYTK) Stock Lifted to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. HC Wainwright restated a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a report on Monday, October 19th. Citigroup lifted their target price on Cytokinetics from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial upped their price target on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, Barclays increased their price target on Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Nineteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $106.67.

Cytokinetics Stock Down 3.3%

Shares of CYTK opened at $53.69 on Friday. Cytokinetics has a 12-month low of $53.55 and a 12-month high of $88.31. The business’s fifty day moving average is $65.68 and its 200 day moving average is $69.97. The stock has a market cap of $6.68 billion, a P/E ratio of -8.89 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share for the quarter, topping the consensus estimate of ($1.43) by $0.06. The business had revenue of $47.56 million for the quarter, compared to analyst estimates of $41.88 million. The business’s quarterly revenue was up 2356.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.55) EPS. On average, analysts expect that Cytokinetics will post -5.86 EPS for the current year.

Insider Activity

In other Cytokinetics news, Director B. Parshall sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total value of $357,400.00. Following the completion of the sale, the director owned 10,784 shares of the company’s stock, valued at $770,840.32. This represents a 31.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total value of $6,789,209.58. Following the transaction, the chief executive officer directly owned 385,320 shares in the company, valued at $26,714,235.60. This trade represents a 20.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 180,926 shares of company stock worth $12,510,340. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC grew its stake in Cytokinetics by 3.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 4,925 shares of the biopharmaceutical company’s stock worth $325,000 after buying an additional 179 shares during the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Cytokinetics by 71.5% in the third quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 191 shares during the period. Allworth Financial LP boosted its holdings in shares of Cytokinetics by 35.6% in the third quarter. Allworth Financial LP now owns 732 shares of the biopharmaceutical company’s stock valued at $48,000 after acquiring an additional 192 shares during the period. GAMMA Investing LLC grew its position in shares of Cytokinetics by 8.6% during the third quarter. GAMMA Investing LLC now owns 2,700 shares of the biopharmaceutical company’s stock worth $178,000 after acquiring an additional 213 shares during the last quarter. Finally, AlphaCentric Advisors LLC grew its position in shares of Cytokinetics by 4.1% during the third quarter. AlphaCentric Advisors LLC now owns 5,933 shares of the biopharmaceutical company’s stock worth $391,000 after acquiring an additional 236 shares during the last quarter.

Key Stories Impacting Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

Cytokinetics Company Profile

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance.

The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.

Founded in 1997, Cytokinetics is based in South San Francisco, California.