Cytokinetics (NASDAQ:CYTK) Earns Buy Rating from B. Riley

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reaffirmed by equities researchers at B. Riley in a report released on Monday,Benzinga reports. They currently have a $90.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $80.00. B. Riley’s target price indicates a potential upside of 44.72% from the stock’s current price.

Other equities analysts have also issued reports about the company. Bank of America increased their price target on Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. JMP Securities reissued a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, HC Wainwright reiterated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday, September 29th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.36.

Cytokinetics Trading Up 3.4%

NASDAQ CYTK traded up $2.03 on Monday, hitting $62.19. 424,884 shares of the company traded hands, compared to its average volume of 1,901,666. The business’s 50 day moving average price is $55.26 and its 200-day moving average price is $42.13. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $64.13. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of -12.13 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The company had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. During the same quarter last year, the firm posted ($1.36) earnings per share. The company’s revenue was up 318.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,295 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $59.55, for a total transaction of $136,667.25. Following the completion of the sale, the executive vice president directly owned 140,610 shares in the company, valued at $8,373,325.50. This represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Edward M. Md Kaye sold 6,757 shares of Cytokinetics stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $60.00, for a total value of $405,420.00. Following the completion of the transaction, the director owned 9,778 shares in the company, valued at $586,680. This trade represents a 40.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,983 shares of company stock worth $3,165,356 over the last quarter. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently made changes to their positions in the business. State of Michigan Retirement System boosted its holdings in Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after acquiring an additional 300 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock valued at $1,330,000 after buying an additional 300 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Cytokinetics during the first quarter valued at $732,000. Jennison Associates LLC acquired a new position in shares of Cytokinetics in the 1st quarter valued at $27,085,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in Cytokinetics by 9.6% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 60,357 shares of the biopharmaceutical company’s stock worth $2,426,000 after acquiring an additional 5,282 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.