Cytokinetics (NASDAQ:CYTK) Stock Moved Up 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 report released on Monday morning,Wall Street Zen reports.

Several other research analysts also recently weighed in on CYTK. Mizuho upped their price objective on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Royal Bank Of Canada upped their target price on shares of Cytokinetics from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Thursday, October 8th. Eighteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average price target of $106.06.

Cytokinetics Stock Down 0.2%

NASDAQ CYTK opened at $62.79 on Monday. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -8.70 and a beta of 0.41. Cytokinetics has a 52 week low of $54.30 and a 52 week high of $88.31. The business has a 50 day moving average price of $71.47 and a 200-day moving average price of $73.28.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. During the same period in the previous year, the company earned ($1.12) earnings per share. Cytokinetics’s revenue for the quarter was down 57.1% compared to the same quarter last year. On average, equities research analysts anticipate that Cytokinetics will post -5.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 97,926 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total transaction of $6,789,209.58. Following the transaction, the chief executive officer owned 385,320 shares of the company’s stock, valued at $26,714,235.60. The trade was a 20.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,677,373.40. This trade represents a 19.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 183,926 shares of company stock worth $13,130,285 over the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Cytokinetics by 11.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock valued at $72,072,000 after purchasing an additional 116,593 shares during the last quarter. ADAR1 Capital Management LLC boosted its holdings in shares of Cytokinetics by 17.1% in the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock worth $41,692,000 after buying an additional 92,390 shares during the last quarter. Siren L.L.C. purchased a new position in shares of Cytokinetics in the 1st quarter worth about $40,466,000. Handelsbanken Fonder AB boosted its holdings in shares of Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after buying an additional 157,700 shares during the last quarter. Finally, ExodusPoint Capital Management LP bought a new position in Cytokinetics during the fourth quarter valued at about $21,803,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.