Cytokinetics’ (CYTK) “Buy” Rating Reiterated at Cantor Fitzgerald
Cantor Fitzgerald reiterated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note released on Wednesday. Cantor Fitzgerald currently has a $14.00 price objective on the biopharmaceutical company’s stock.
“We have an Overweight rating based on ome’ in chronic HF and relde’ in SMA & ALS. For ome’, GALACTIC-HF data are expected in 2021, with interim reads in ’19 (futility) and ’20 (efficacy) that may lead to milestone payments to CYTK. Recent relde’ P2 data in SMA showed clinical benefit in 6MWD & MEP which enhances PoS in Type III SMA in our view. With VITALITY-ALS lessons learned & SMA PoC in hand, we are cautiously optimistic on relde’ prospects and believe investors may be overlooking potential value creation within the next 12 months.”,” Cantor Fitzgerald’s analyst commented.
CYTK has been the subject of a number of other research reports. BidaskClub upgraded Cytokinetics from a hold rating to a buy rating in a research report on Saturday, September 8th. Zacks Investment Research upgraded Cytokinetics from a sell rating to a hold rating and set a $8.00 price target for the company in a research report on Friday, November 2nd. Morgan Stanley started coverage on Cytokinetics in a research report on Monday, September 10th. They issued an equal weight rating and a $10.00 price target for the company. HC Wainwright reiterated a buy rating and issued a $21.00 price target on shares of Cytokinetics in a research report on Tuesday, November 27th. Finally, ValuEngine upgraded Cytokinetics from a hold rating to a buy rating in a research report on Thursday, November 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Cytokinetics currently has an average rating of Buy and a consensus price target of $12.83.
Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.11. The company had revenue of $10.64 million during the quarter, compared to analyst estimates of $2.23 million. On average, equities analysts anticipate that Cytokinetics will post -1.96 EPS for the current year.
In other Cytokinetics news, CEO Robert I. Blum sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $7.11, for a total transaction of $28,440.00. Following the completion of the sale, the chief executive officer now directly owns 156,022 shares in the company, valued at approximately $1,109,316.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 16,500 shares of company stock valued at $128,400 over the last 90 days. Corporate insiders own 5.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Jefferies Group LLC acquired a new stake in Cytokinetics during the 3rd quarter worth about $110,000. Virtu Financial LLC acquired a new stake in Cytokinetics during the 3rd quarter worth about $111,000. DRW Securities LLC boosted its position in Cytokinetics by 91.4% during the 2nd quarter. DRW Securities LLC now owns 26,797 shares of the biopharmaceutical company’s stock worth $222,000 after acquiring an additional 12,797 shares during the period. MetLife Investment Advisors LLC boosted its position in Cytokinetics by 57.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 29,553 shares of the biopharmaceutical company’s stock worth $291,000 after acquiring an additional 10,837 shares during the period. Finally, DAFNA Capital Management LLC acquired a new stake in Cytokinetics during the 2nd quarter worth about $576,000. Hedge funds and other institutional investors own 70.47% of the company’s stock.
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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