Cytokinetics (NASDAQ:CYTK) Earns Buy Rating from HC Wainwright

Key Points

• Cytokinetics' stock received a "Buy" rating from HC Wainwright, with a target price of $120.00, indicating a potential upside of 146.61% from its current level.
• Recent reports show a mixed view among analysts, with price targets ranging from $53.00 to $84.00, and a consensus average rating of "Moderate Buy."
• The company reported an EPS of ($1.12) for the last quarter, exceeding estimates and showing a substantial increase in revenue of 26727.3% compared to the previous year.

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $120.00 target price on the biopharmaceutical company's stock. HC Wainwright's price objective points to a potential upside of 148.70% from the company's current price.

Several other equities research analysts have also recently weighed in on CYTK. Needham & Company LLC restated a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. JMP Securities reaffirmed a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Finally, Raymond James Financial started coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They set a "market perform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Cytokinetics presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.71.

Cytokinetics Stock Down 0.8%

Shares of NASDAQ CYTK traded down $0.41 during trading on Monday, reaching $48.25. 1,951,345 shares of the company traded hands, compared to its average volume of 3,186,301. The firm has a 50 day simple moving average of $40.98 and a 200-day simple moving average of $38.00. The stock has a market capitalization of $5.77 billion, a PE ratio of -9.46 and a beta of 0.62. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analysts' expectations of $1.95 million. Cytokinetics's revenue for the quarter was up 26727.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.31) EPS. As a group, research analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling

In related news, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total value of $337,800.00. Following the transaction, the director owned 23,230 shares in the company, valued at approximately $1,161,500. This represents a 22.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $51.29, for a total value of $102,580.00. Following the completion of the sale, the executive vice president owned 140,610 shares in the company, valued at approximately $7,211,886.90. This represents a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,756 shares of company stock worth $1,353,990. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after purchasing an additional 673 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after acquiring an additional 291 shares during the period. Hantz Financial Services Inc. raised its holdings in shares of Cytokinetics by 2,872.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company's stock worth $43,000 after acquiring an additional 1,264 shares during the period. Parallel Advisors LLC increased its position in shares of Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after purchasing an additional 916 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares during the last quarter.

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.