Cytokinetics, Incorporated (NASDAQ:CYTK) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Cytokinetics, Inc. has received a consensus rating of "Moderate Buy" from seventeen brokerages, with an average 12-month target price of $75.86.
• The company's recent earnings report indicated a revenue increase of 26,727.3% year-over-year, reporting $66.77 million compared to $1.95 million expected.
• Insider trading saw CEO Robert I. Blum and Director Edward M. Md Kaye sell shares shortly before the report, indicating potential shifts in management's confidence.

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the seventeen ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $75.8571.

CYTK has been the topic of several research analyst reports. Wall Street Zen raised shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research note on Monday, September 29th. Citigroup increased their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Evercore ISI increased their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Finally, B. Riley increased their price target on shares of Cytokinetics from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, September 22nd.

Cytokinetics Trading Up 1.2%

Shares of Cytokinetics stock opened at $56.97 on Friday. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of -11.17 and a beta of 0.67. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $59.39. The firm's 50-day moving average price is $43.64 and its two-hundred day moving average price is $38.61.

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

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $55.05, for a total value of $275,250.00. Following the transaction, the chief executive officer directly owned 368,108 shares of the company's stock, valued at approximately $20,264,345.40. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward M. Md Kaye sold 6,695 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $55.08, for a total transaction of $368,760.60. Following the completion of the transaction, the director directly owned 16,535 shares in the company, valued at approximately $910,747.80. The trade was a 28.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,451 shares of company stock valued at $2,096,561 over the last three months. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. Fifth Third Bancorp raised its holdings in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the period. State of Michigan Retirement System raised its holdings in Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock worth $1,133,000 after purchasing an additional 300 shares during the period. Louisiana State Employees Retirement System raised its holdings in Cytokinetics by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock worth $1,330,000 after purchasing an additional 300 shares during the period. Teacher Retirement System of Texas raised its holdings in Cytokinetics by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company's stock worth $1,008,000 after purchasing an additional 341 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Cytokinetics by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock worth $555,000 after purchasing an additional 365 shares during the period.

About Cytokinetics

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.

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