Cytokinetics FY2024 EPS Estimate Lowered by HC Wainwright

Cytokinetics, Incorporated (NASDAQ:CYTK) – Analysts at HC Wainwright dropped their FY2024 EPS estimates for shares of Cytokinetics in a report issued on Thursday, November 7th. HC Wainwright analyst J. Pantginis now anticipates that the biopharmaceutical company will post earnings of ($5.39) per share for the year, down from their previous estimate of ($5.24). HC Wainwright has a “Buy” rating and a $120.00 price objective on the stock. The consensus estimate for Cytokinetics’ current full-year earnings is ($5.29) per share. HC Wainwright also issued estimates for Cytokinetics’ Q4 2024 earnings at ($1.37) EPS.

Other research analysts also recently issued research reports about the stock. JMP Securities reissued a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Royal Bank of Canada started coverage on shares of Cytokinetics in a report on Friday. They set an “outperform” rating and a $80.00 target price for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $83.67.

Cytokinetics Stock Performance

Shares of CYTK opened at $58.62 on Monday. The firm has a 50-day moving average of $54.13 and a 200-day moving average of $55.45. Cytokinetics has a one year low of $30.68 and a one year high of $110.25. The company has a market cap of $6.90 billion, a PE ratio of -10.90 and a beta of 0.78. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 10.39.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. During the same period in the previous year, the business posted ($1.35) earnings per share. Cytokinetics’s revenue for the quarter was up 22.5% on a year-over-year basis.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the transaction, the executive vice president now directly owns 122,920 shares in the company, valued at approximately $7,007,669.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $51.63, for a total value of $258,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,520,653.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $57.01, for a total transaction of $420,961.84. Following the completion of the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,736 shares of company stock valued at $2,890,489 in the last quarter. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp increased its position in Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 456 shares in the last quarter. UMB Bank n.a. increased its position in Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares in the last quarter. Blue Trust Inc. increased its position in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new position in Cytokinetics during the 3rd quarter worth approximately $54,000. Finally, EntryPoint Capital LLC acquired a new position in Cytokinetics during the 1st quarter worth approximately $74,000.

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.