Cantor Fitzgerald Analysts Give Cytokinetics (CYTK) a $14.00 Price Target
“We reiterate our OW rating and 12-month price target of $14. CYTK hosted a R&D Day during which it provided incremental updates on its programs and broadening pipeline. Takeaways include design of the second P3 study of ome’ called METEORIC-HF, which we are enthusiastic to see as it will evaluate exercise tolerance in patients with HF. METEROIC data are expected in 2021, and we believe a positive outcome would brightline the differentiated clinical profile vs. current SOC. Additionally, data from the primary study for regulatory purposes, GALACTIC-HF, are expected in 2021, with interim reads in 2019 (futility) and 2020 (efficacy) that may yield milestone payments to the company.”,” Cantor Fitzgerald’s analyst wrote.
Several other equities research analysts also recently commented on the stock. BidaskClub downgraded shares of Cytokinetics from a buy rating to a hold rating in a research note on Thursday, July 19th. ValuEngine upgraded shares of Cytokinetics from a sell rating to a hold rating in a research note on Thursday, August 23rd. Morgan Stanley set a $10.00 target price on shares of Cytokinetics and gave the company a hold rating in a research note on Friday, October 5th. Zacks Investment Research downgraded shares of Cytokinetics from a hold rating to a sell rating in a research note on Wednesday, October 3rd. Finally, HC Wainwright set a $24.00 target price on shares of Cytokinetics and gave the company a buy rating in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $13.00.
Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.51). The business had revenue of $6.22 million for the quarter, compared to analyst estimates of $5.54 million. On average, equities research analysts expect that Cytokinetics will post -2.06 EPS for the current fiscal year.
In other news, CEO Robert I. Blum sold 4,000 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $6.65, for a total value of $26,600.00. Following the sale, the chief executive officer now owns 168,022 shares in the company, valued at approximately $1,117,346.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 16,500 shares of company stock worth $129,505 in the last 90 days. 5.10% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Northern Trust Corp boosted its stake in shares of Cytokinetics by 16.7% in the 2nd quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock valued at $4,138,000 after purchasing an additional 71,418 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Cytokinetics by 351.9% in the second quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock valued at $3,832,000 after buying an additional 359,561 shares during the last quarter. DRW Securities LLC raised its holdings in shares of Cytokinetics by 91.4% in the second quarter. DRW Securities LLC now owns 26,797 shares of the biopharmaceutical company’s stock valued at $222,000 after buying an additional 12,797 shares during the last quarter. DAFNA Capital Management LLC bought a new position in shares of Cytokinetics in the second quarter valued at about $576,000. Finally, ClariVest Asset Management LLC raised its holdings in shares of Cytokinetics by 48.9% in the second quarter. ClariVest Asset Management LLC now owns 125,050 shares of the biopharmaceutical company’s stock valued at $1,037,000 after buying an additional 41,076 shares during the last quarter. Institutional investors own 68.39% of the company’s stock.
Cytokinetics Company Profile
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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