Cytokinetics (NASDAQ:CYTK) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Cytokinetics from “hold” to “sell,” although the broader analyst consensus remains “Moderate Buy,” with 18 buy ratings, one hold, one sell, and an average price target of $106.
• Cytokinetics shares opened at $65.60, below their 50-day and 200-day moving averages. The company recently reported a quarterly loss of $1.50 per share, better than expectations, while revenue of $28.62 million fell 57.1% year over year.
• Insiders sold approximately $13.8 million worth of shares over the past 90 days, including sales by a director and an executive vice president; insiders retain a 2.6% ownership stake.

Cytokinetics (NASDAQ:CYTK - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other brokerages have also recently weighed in on CYTK. Cantor Fitzgerald reissued an "overweight" rating on shares of Cytokinetics in a research note on Friday, September 11th. JPMorgan Chase & Co. upped their target price on Cytokinetics from $97.00 to $103.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. UBS Group upgraded Cytokinetics from a "neutral" rating to a "buy" rating and increased their target price for the company from $69.00 to $115.00 in a report on Monday, June 29th. Citizens Jmp raised their price target on Cytokinetics from $105.00 to $110.00 and gave the stock a "market outperform" rating in a research report on Friday, August 7th. Finally, Needham & Company LLC boosted their price target on Cytokinetics from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Eighteen 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $106.00.

Cytokinetics Stock Down 0.0%

NASDAQ:CYTK opened at $65.60 on Friday. Cytokinetics has a 52-week low of $54.30 and a 52-week high of $88.31. The stock's 50 day moving average price is $73.46 and its 200 day moving average price is $73.17. The company has a market capitalization of $8.16 billion, a PE ratio of -9.09 and a beta of 0.41.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analysts' expectations of $17.59 million. The business's revenue was down 57.1% compared to the same quarter last year. During the same quarter last year, the business posted ($1.12) earnings per share. As a group, sell-side analysts anticipate that Cytokinetics will post -5.98 EPS for the current fiscal year.

Insider Activity

In related news, Director B. Parshall sold 5,000 shares of the company's 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 transaction, the director owned 10,784 shares of the company's stock, valued at approximately $770,840.32. This represents a 31.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $4,677,373.40. This trade represents a 19.30% 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 sold a total of 191,426 shares of company stock valued at $13,833,775 over the last 90 days. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new position in Cytokinetics in the second quarter valued at $36,000. Rockefeller Capital Management L.P. boosted its stake in Cytokinetics by 842.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company's stock worth $41,000 after buying an additional 573 shares during the last quarter. Western Wealth Management LLC purchased a new stake in Cytokinetics in the 1st quarter valued at about $53,000. EverSource Wealth Advisors LLC grew its holdings in Cytokinetics by 55.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company's stock valued at $102,000 after buying an additional 549 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Cytokinetics by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company's stock valued at $212,000 after buying an additional 266 shares during the period.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.

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