Cytokinetics (NASDAQ:CYTK) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cytokinetics from Sell to Hold. Overall analyst sentiment remains more positive, with a Moderate Buy consensus and an average price target of $106.67.
• Cytokinetics reported a quarterly loss of $1.37 per share, narrower than the $1.43 expected, while revenue of $47.56 million beat estimates and rose sharply year over year.
• The stock was down 3.3% and opened at $53.69, near its 12-month low of $53.55.

Cytokinetics (NASDAQ:CYTK - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other equities analysts have also recently commented on CYTK. Citigroup boosted their target price on Cytokinetics from $99.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday. William Blair initiated coverage on Cytokinetics in a research note on Friday, October 16th. They issued an "outperform" rating on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a report on Thursday, October 15th. Citizens Jmp lifted their price objective on Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Finally, Needham & Company LLC raised their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Nineteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cytokinetics presently has a consensus rating of "Moderate Buy" and an average target price of $106.67.

Cytokinetics Stock Down 3.3%

Cytokinetics stock opened at $53.69 on Friday. The stock has a market cap of $6.68 billion, a P/E ratio of -8.89 and a beta of 0.45. Cytokinetics has a twelve month low of $53.55 and a twelve month high of $88.31. The company's 50-day moving average price is $65.68 and its two-hundred day moving average price is $69.97.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, beating analysts' consensus estimates of ($1.43) by $0.06. The firm had revenue of $47.56 million during the quarter, compared to the consensus estimate of $41.88 million. During the same quarter in the previous year, the company posted ($2.55) earnings per share. The firm's revenue was up 2356.5% on a year-over-year basis. Equities analysts anticipate that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Malik sold 3,500 shares of the business's stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $62.93, for a total transaction of $220,255.00. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at $9,685,052.86. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $62.81, for a total transaction of $471,075.00. Following the completion of the transaction, the chief executive officer owned 278,544 shares of the company's stock, valued at $17,495,348.64. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 180,926 shares of company stock worth $12,510,340 over the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Aberdeen Group plc raised its position in shares of Cytokinetics by 182.8% in the third quarter. Aberdeen Group plc now owns 337,728 shares of the biopharmaceutical company's stock worth $22,260,000 after buying an additional 218,293 shares in the last quarter. Allworth Financial LP grew its position in Cytokinetics by 35.6% in the 3rd quarter. Allworth Financial LP now owns 732 shares of the biopharmaceutical company's stock worth $48,000 after purchasing an additional 192 shares during the period. Fisher Asset Management LLC increased its position in Cytokinetics by 10.1% in the third quarter. Fisher Asset Management LLC now owns 818,832 shares of the biopharmaceutical company's stock worth $53,969,000 after buying an additional 75,135 shares in the last quarter. New York Life Investment Management LLC raised its holdings in Cytokinetics by 29.3% during the third quarter. New York Life Investment Management LLC now owns 19,047 shares of the biopharmaceutical company's stock valued at $1,255,000 after acquiring an additional 4,316 shares during the period. Finally, Retirement Systems of Alabama grew its holdings in shares of Cytokinetics by 2.1% in the third quarter. Retirement Systems of Alabama now owns 143,395 shares of the biopharmaceutical company's stock valued at $9,451,000 after purchasing an additional 2,969 shares in the last quarter.

More Cytokinetics News

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.

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