Cytokinetics' (CYTK) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed a Buy rating on Cytokinetics and set a $140 price target, implying 122.24% upside from the prior close. MarketBeat’s analyst consensus is “Moderate Buy,” with an average target of $105.44.
• Cytokinetics shares rose 1.7% to $63.00, while the company’s latest quarterly results beat expectations with a loss of $1.50 per share versus the $1.63 estimate and revenue of $28.62 million versus $17.59 million expected.
• Insiders sold 191,426 shares worth approximately $13.6 million over the past 90 days, though the transactions were conducted under pre-arranged Rule 10b5-1 trading plans.

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research note issued to investors on Monday, Benzinga reports. They currently have a $140.00 price target on the biopharmaceutical company's stock. HC Wainwright's price objective suggests a potential upside of 122.24% from the company's previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research report on Thursday. Truist Financial lifted their price target on shares of Cytokinetics from $106.00 to $112.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Citizens Jmp lifted their price target on shares of Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. William Blair began coverage on Cytokinetics in a research note on Friday. They issued an "outperform" rating for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Cytokinetics in a research report on Friday, September 11th. Nineteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $105.44.

Cytokinetics Stock Up 1.7%

Shares of Cytokinetics stock traded up $1.05 during trading on Monday, reaching $63.00. The company's stock had a trading volume of 226,117 shares, compared to its average volume of 2,123,242. The business's 50-day moving average price is $70.18 and its 200-day moving average price is $73.28. The firm has a market cap of $7.84 billion, a PE ratio of -8.71 and a beta of 0.41. Cytokinetics has a 52 week low of $54.30 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts' consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same period in the prior year, the business posted ($1.12) earnings per share. Cytokinetics's revenue was down 57.1% compared to the same quarter last year. Equities analysts predict that Cytokinetics will post -5.97 earnings per share for the current year.

Insider Activity

In related news, Director B. Parshall sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.48, for a total transaction of $357,400.00. Following the sale, the director owned 10,784 shares in the company, valued at approximately $770,840.32. This trade represents a 31.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of Cytokinetics stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $4,677,373.40. This trade represents a 19.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 191,426 shares of company stock worth $13,601,885. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the business. Siren L.L.C. bought a new position in shares of Cytokinetics in the first quarter worth about $40,466,000. Hsbc Holdings PLC grew its holdings in shares of Cytokinetics by 5,906.5% during the 1st quarter. Hsbc Holdings PLC now owns 221,999 shares of the biopharmaceutical company's stock valued at $14,632,000 after purchasing an additional 218,303 shares during the last quarter. Emerald Advisers LLC acquired a new position in Cytokinetics during the 1st quarter worth approximately $13,104,000. Candriam S.C.A. increased its position in Cytokinetics by 128.6% during the 1st quarter. Candriam S.C.A. now owns 335,208 shares of the biopharmaceutical company's stock worth $22,094,000 after purchasing an additional 188,577 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Cytokinetics by 63.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company's stock valued at $34,502,000 after purchasing an additional 157,700 shares during the last quarter.

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.