Cytokinetics,’s (CYTK) “Overweight” Rating Reaffirmed at Morgan Stanley
Morgan Stanley reissued their overweight rating on shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in a report issued on Wednesday morning. They currently have a $17.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $25.00.
Other research analysts have also issued reports about the stock. Seaport Global Securities restated a buy rating and set a $24.00 target price on shares of Cytokinetics, in a research report on Friday, October 6th. HC Wainwright set a $26.00 price target on shares of Cytokinetics, and gave the company a buy rating in a research report on Thursday, August 3rd. ValuEngine upgraded shares of Cytokinetics, from a sell rating to a hold rating in a research report on Friday, September 1st. Cantor Fitzgerald reiterated a buy rating and issued a $21.00 price target on shares of Cytokinetics, in a research report on Tuesday, September 26th. Finally, BidaskClub upgraded shares of Cytokinetics, from a hold rating to a buy rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $17.64.
Shares of Cytokinetics, (NASDAQ:CYTK) traded down $0.28 during midday trading on Wednesday, reaching $7.97. The company’s stock had a trading volume of 3,828,400 shares, compared to its average volume of 570,942. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.60 and a current ratio of 7.60. Cytokinetics, has a 52 week low of $7.00 and a 52 week high of $17.20.
Cytokinetics, (NASDAQ:CYTK) last issued its earnings results on Thursday, October 26th. The biopharmaceutical company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.04. Cytokinetics, had a negative net margin of 172.27% and a negative return on equity of 62.64%. The firm had revenue of $6.18 million during the quarter, compared to the consensus estimate of $5.35 million. analysts predict that Cytokinetics, will post -2.4 earnings per share for the current fiscal year.
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In other news, SVP Bradley Paul Morgan sold 118,330 shares of Cytokinetics, stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $15.00, for a total value of $1,774,950.00. Following the completion of the transaction, the senior vice president now directly owns 63,107 shares of the company’s stock, valued at approximately $946,605. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Santo J. Costa sold 5,000 shares of Cytokinetics, stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $14.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $70,000. The disclosure for this sale can be found here. Insiders have sold a total of 178,223 shares of company stock worth $2,639,239 in the last ninety days. 7.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC lifted its position in Cytokinetics, by 1.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock valued at $171,000 after purchasing an additional 189 shares during the last quarter. Teachers Advisors LLC raised its holdings in shares of Cytokinetics, by 13.2% in the 1st quarter. Teachers Advisors LLC now owns 60,326 shares of the biopharmaceutical company’s stock worth $775,000 after purchasing an additional 7,048 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Cytokinetics, by 9.3% in the 1st quarter. TIAA CREF Investment Management LLC now owns 107,548 shares of the biopharmaceutical company’s stock worth $1,382,000 after purchasing an additional 9,162 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Cytokinetics, by 15.9% in the 1st quarter. Vanguard Group Inc. now owns 1,949,345 shares of the biopharmaceutical company’s stock worth $25,049,000 after purchasing an additional 267,437 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Cytokinetics, by 4.1% in the 1st quarter. Geode Capital Management LLC now owns 296,683 shares of the biopharmaceutical company’s stock worth $3,812,000 after purchasing an additional 11,747 shares in the last quarter. 71.92% of the stock is owned by institutional investors and hedge funds.
Cytokinetics, Company Profile
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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