Cytokinetics (NASDAQ:CYTK) Announces Earnings Results, Beats Expectations By $0.03 EPS

Cytokinetics (NASDAQ:CYTK) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03, Zacks reports.

Cytokinetics Stock Performance

CYTK traded up $0.59 on Thursday, reaching $47.45. The company had a trading volume of 1,201,447 shares, compared to its average volume of 1,587,984. The stock has a 50-day moving average price of $47.26 and a 200-day moving average price of $51.38. The stock has a market capitalization of $5.60 billion, a PE ratio of -8.82 and a beta of 0.83. Cytokinetics has a 1 year low of $40.53 and a 1 year high of $75.71. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $45.98, for a total transaction of $91,960.00. Following the completion of the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,336,944.58. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,822 shares of company stock worth $1,127,848. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CYTK shares. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Thursday, February 6th. Royal Bank of Canada lifted their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Morgan Stanley upgraded Cytokinetics from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $70.00 to $67.00 in a research note on Thursday, February 13th. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target for the company. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Company Profile

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.