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

Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They presently have a $120.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s target price suggests a potential upside of 221.20% from the stock’s previous close.

A number of other research firms also recently commented on CYTK. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 target price on the stock. JMP Securities reissued a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Stifel Nicolaus assumed coverage on Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Finally, Royal Bank of Canada boosted 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. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Trading Down 7.8 %

NASDAQ:CYTK opened at $37.36 on Friday. Cytokinetics has a 1 year low of $36.89 and a 1 year high of $75.71. The stock has a market cap of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a 50-day simple moving average of $44.93 and a 200-day simple moving average of $48.98.

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

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total value of $98,640.00. Following the completion of the sale, the executive vice president now owns 116,071 shares in the company, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew Callos sold 2,775 shares of Cytokinetics stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the completion of the sale, the executive vice president now directly owns 34,888 shares in the company, valued at $1,548,329.44. This represents a 7.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,284 shares of company stock valued at $2,578,268 over the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Jones Financial Companies Lllp increased its holdings in shares of Cytokinetics by 189.8% in the 4th 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. Retirement Systems of Alabama grew its position in Cytokinetics by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 143,495 shares of the biopharmaceutical company’s stock worth $6,750,000 after buying an additional 565 shares during the period. Arizona State Retirement System increased its holdings in Cytokinetics by 1.9% in the fourth quarter. Arizona State Retirement System now owns 32,366 shares of the biopharmaceutical company’s stock valued at $1,522,000 after buying an additional 600 shares in the last quarter. Inspire Investing LLC lifted its position in shares of Cytokinetics by 7.8% during the 4th quarter. Inspire Investing LLC now owns 8,504 shares of the biopharmaceutical company’s stock valued at $400,000 after acquiring an additional 616 shares during the period. Finally, Centricity Wealth Management LLC purchased a new stake in shares of Cytokinetics during the 4th quarter worth approximately $29,000.

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.