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

Key Points

• Wall Street Zen upgraded Cytokinetics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with 18 Buy ratings and a consensus price target of $103.37.
• Cytokinetics reported quarterly EPS of -$1.50, beating estimates of -$1.63, and revenue of $28.62 million versus the $17.59 million consensus estimate; however, revenue fell 57.1% year over year.
• The stock opened at $64.66, below its 50-day and 200-day moving averages. Insiders sold 210,672 shares worth $15.6 million over the past 90 days, including sizable sales by the CEO and an executive vice president.

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

CYTK has been the topic of several other research reports. Mizuho upped their price objective on Cytokinetics from $100.00 to $118.00 and gave the stock an "outperform" rating in a report on Wednesday, June 24th. Citizens Jmp lifted their target price on Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a report on Friday, July 17th. Finally, HC Wainwright reissued a "buy" rating and set a $140.00 price objective on shares of Cytokinetics in a report on Monday, August 31st. Eighteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $103.37.

Cytokinetics Stock Down 1.5%

Cytokinetics stock opened at $64.66 on Friday. The stock has a 50-day simple moving average of $74.99 and a 200 day simple moving average of $73.04. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of -8.96 and a beta of 0.36. Cytokinetics has a 12-month low of $47.87 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter in the previous year, the business posted ($1.12) EPS. The company's revenue was down 57.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics will post -5.98 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total value of $1,287,000.00. Following the transaction, the executive vice president owned 58,555 shares of the company's stock, valued at approximately $5,024,019. This represents a 20.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 97,926 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $69.33, for a total value of $6,789,209.58. Following the transaction, the chief executive officer owned 385,320 shares in the company, valued at approximately $26,714,235.60. This trade represents a 20.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 210,672 shares of company stock worth $15,630,737 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently modified their holdings of CYTK. Integrated Wealth Concepts LLC acquired a new position in Cytokinetics in the 2nd quarter worth $36,000. Rockefeller Capital Management L.P. increased its holdings in Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company's stock worth $41,000 after purchasing an additional 573 shares in the last quarter. Clearstead Advisors LLC raised its stake in shares of Cytokinetics by 97.1% in the 4th quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company's stock valued at $43,000 after purchasing an additional 330 shares during the period. Western Wealth Management LLC bought a new stake in shares of Cytokinetics in the first quarter valued at about $53,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Cytokinetics by 55.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company's stock valued at $102,000 after purchasing an additional 549 shares in the last quarter.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.

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