Cytokinetics (NASDAQ:CYTK) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a research report report published on Saturday.

Several other equities analysts also recently weighed in on CYTK. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Citigroup lifted their price objective on shares of Cytokinetics from $77.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, September 2nd. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. B. Riley increased their price objective on Cytokinetics from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, Evercore ISI lifted their target price on shares of Cytokinetics from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $76.64.

Cytokinetics Price Performance

NASDAQ CYTK traded down $0.14 on Friday, hitting $60.16. The stock had a trading volume of 1,881,284 shares, compared to its average volume of 1,910,023. The business’s fifty day moving average price is $55.26 and its 200 day moving average price is $42.10. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -11.80 and a beta of 0.58. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $64.13.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results 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 analyst estimates of $6.05 million. During the same quarter in the previous year, the company posted ($1.36) EPS. The company’s revenue for the quarter was up 318.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity

In other Cytokinetics news, Director Wendell Wierenga sold 4,375 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $58.68, for a total transaction of $256,725.00. Following the sale, the director owned 32,444 shares of the company’s stock, valued at approximately $1,903,813.92. This trade represents a 11.88% 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 this link. Also, EVP Fady Ibraham Malik sold 2,295 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were 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 of the company’s stock, valued at approximately $8,373,325.50. This trade represents a 1.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,983 shares of company stock valued at $3,165,356 over the last quarter. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. Norges Bank purchased a new stake in shares of Cytokinetics in the second quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its stake in shares of Cytokinetics by 571.2% during the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock worth $35,768,000 after purchasing an additional 921,278 shares during the last quarter. Paradigm Biocapital Advisors LP acquired a new position in shares of Cytokinetics during the first quarter worth about $34,510,000. Jennison Associates LLC acquired a new position in Cytokinetics during the first quarter worth about $27,085,000. Finally, Frazier Life Sciences Management L.P. purchased a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $18,328,000.

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.