Cytokinetics (NASDAQ:CYTK) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a research note published on Sunday.

A number of other brokerages have also issued reports on CYTK. Truist Financial upped their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Mizuho boosted their price objective on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Finally, Needham & Company LLC lifted their target price on Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Nineteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.20.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $74.13 on Friday. The company has a fifty day simple moving average of $79.27 and a 200 day simple moving average of $71.37. The firm has a market cap of $9.22 billion, a PE ratio of -10.27 and a beta of 0.39. Cytokinetics has a 12-month low of $35.22 and a 12-month high of $88.31.

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 the consensus estimate of $17.59 million. The company’s revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the company earned ($1.12) earnings per share. As a group, equities research analysts forecast that Cytokinetics will post -6.03 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $12,402,962.18. This represents a 2.22% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $76.76, for a total value of $575,700.00. Following the sale, the chief executive officer owned 377,820 shares in the company, valued at $29,001,463.20. The trade was a 1.95% 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 have sold 115,179 shares of company stock worth $9,117,354 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP bought a new stake in Cytokinetics in the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. bought a new stake in Cytokinetics in the 4th quarter valued at about $32,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.