HC Wainwright Reiterates Buy Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $120.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would indicate a potential upside of 208.10% from the stock’s previous close.

CYTK has been the subject of several other research reports. Stifel Nicolaus began coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a research report on Friday, March 7th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Tuesday, April 8th. Finally, Royal Bank of Canada increased their price objective on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Stock Performance

Shares of CYTK stock traded down $0.86 during trading hours on Tuesday, reaching $38.95. The stock had a trading volume of 1,048,318 shares, compared to its average volume of 1,802,609. 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 firm has a 50-day simple moving average of $42.95 and a 200-day simple moving average of $48.06. The firm has a market capitalization of $4.64 billion, a PE ratio of -7.24 and a beta of 0.94. Cytokinetics has a twelve month low of $32.74 and a twelve month high of $70.52.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. As a group, equities analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Transactions at Cytokinetics

In related news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $36.77, for a total transaction of $183,850.00. Following the completion of the transaction, the chief executive officer now directly owns 422,629 shares in the company, valued at $15,540,068.33. This represents a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.06, for a total transaction of $96,120.00. Following the completion of the sale, the executive vice president now owns 116,071 shares in the company, valued at $5,578,372.26. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,170 shares of company stock worth $2,766,739. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its stake in shares of Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Cytokinetics during the 4th quarter valued at about $29,000. Parallel Advisors LLC increased its stake in Cytokinetics by 500.5% in the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 916 shares during the period. GAMMA Investing LLC lifted its stake in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 826 shares during the period. Finally, UMB Bank n.a. boosted its holdings in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 552 shares in the last quarter.

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.