Cytokinetics (NASDAQ:CYTK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a report on Tuesday, September 1st. HC Wainwright restated a “buy” rating and set a $140.00 price target on shares of Cytokinetics in a research report on Monday, August 31st. Citizens Jmp raised their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Needham & Company LLC lifted their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Eighteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.37.

Cytokinetics Trading Up 2.3%

Shares of Cytokinetics stock opened at $66.16 on Friday. The business’s fifty day simple moving average is $74.73 and its 200 day simple moving average is $73.13. The firm has a market capitalization of $8.23 billion, a P/E ratio of -9.16 and a beta of 0.36. Cytokinetics has a 12 month low of $50.15 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) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. The firm’s revenue for the quarter was down 57.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.12) EPS. Analysts predict that Cytokinetics will post -5.98 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Robert Landry sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $72.13, for a total value of $72,130.00. Following the sale, the director directly owned 8,184 shares in the company, valued at $590,311.92. The trade was a 10.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 10,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $70.24, for a total value of $702,400.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $4,112,903.20. This represents a 14.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 215,038 shares of company stock valued at $15,855,297. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CYTK. Handelsbanken Fonder AB grew its position in shares of Cytokinetics by 63.8% in the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after purchasing an additional 157,700 shares in the last quarter. Norges Bank purchased a new stake in Cytokinetics during the 4th quarter worth about $51,281,000. Siren L.L.C. purchased a new stake in Cytokinetics during the 1st quarter worth about $40,466,000. Eventide Asset Management LLC boosted its stake in Cytokinetics by 181.9% in the 4th quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after purchasing an additional 309,503 shares during the period. Finally, Great Lakes Advisors LLC bought a new position in Cytokinetics in the 2nd quarter worth about $1,960,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.