Cytokinetics (NASDAQ:CYTK) Upgraded at Morgan Stanley

Cytokinetics (NASDAQ:CYTK) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday,Benzinga reports. The firm currently has a $67.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $70.00. Morgan Stanley’s price objective suggests a potential upside of 58.84% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Royal Bank of Canada raised their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Mizuho boosted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Up 1.5 %

NASDAQ:CYTK opened at $42.18 on Thursday. Cytokinetics has a one year low of $40.53 and a one year high of $81.36. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The company has a market cap of $4.98 billion, a PE ratio of -7.84 and a beta of 0.83. The firm’s 50 day simple moving average is $47.79 and its 200 day simple moving average is $52.03.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total transaction of $91,840.00. Following the transaction, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,329,980.32. This trade represents a 1.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John T. Henderson sold 1,780 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $50.42, for a total transaction of $89,747.60. Following the completion of the sale, the director now owns 38,461 shares of the company’s stock, valued at approximately $1,939,203.62. The trade was a 4.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,122 shares of company stock valued at $1,654,806 over the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning grew its holdings in shares of Cytokinetics by 50.5% in the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock valued at $1,250,000 after acquiring an additional 7,939 shares in the last quarter. Blue Trust Inc. boosted its position in Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Cytokinetics by 6.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after purchasing an additional 5,487 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at $558,000. Finally, Values First Advisors Inc. bought a new stake in shares of Cytokinetics during the 3rd quarter worth $54,000.

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.