Cytokinetics (NASDAQ:CYTK) Shares Gap Up Following Analyst Upgrade

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) gapped up before the market opened on Wednesday after HC Wainwright raised their price target on the stock from $90.00 to $120.00. The stock had previously closed at $54.33, but opened at $55.42. HC Wainwright currently has a buy rating on the stock. Cytokinetics shares last traded at $55.51, with a volume of 137,393 shares trading hands.

CYTK has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total transaction of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at $6,195,732. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total value of $380,330.00. Following the completion of the sale, the executive vice president now directly owns 118,920 shares of the company’s stock, valued at approximately $6,195,732. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $59.49, for a total value of $684,135.00. Following the completion of the sale, the chief executive officer now directly owns 399,412 shares of the company’s stock, valued at $23,761,019.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,284 shares of company stock valued at $4,328,361 over the last ninety days. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. UMB Bank n.a. grew its stake in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the period. Verde Servicos Internacionais S.A. bought a new position in Cytokinetics in the 3rd quarter valued at $1,914,000. Handelsbanken Fonder AB grew its stake in Cytokinetics by 25.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 29,400 shares of the biopharmaceutical company’s stock valued at $1,552,000 after purchasing an additional 5,900 shares during the period. Mirador Capital Partners LP grew its stake in Cytokinetics by 2.3% in the 3rd quarter. Mirador Capital Partners LP now owns 64,626 shares of the biopharmaceutical company’s stock valued at $3,412,000 after purchasing an additional 1,483 shares during the period. Finally, Ghisallo Capital Management LLC bought a new position in Cytokinetics in the 2nd quarter valued at $10,619,000.

Cytokinetics Price Performance

The stock has a market cap of $5.70 billion, a P/E ratio of -10.07 and a beta of 0.77. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. The business has a 50 day simple moving average of $55.13 and a 200-day simple moving average of $58.15.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to the consensus estimate of $7.61 million. The business’s revenue for the quarter was down 71.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.34) EPS. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.15 EPS for the current year.

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.