Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts have given Cytokinetics, Incorporated a consensus recommendation of "Moderate Buy", with an average price target of $71.58 from 15 analysts.
• The company's quarterly earnings were reported as ($1.12) EPS, surpassing estimates and showing significant revenue growth of 26727.3% compared to the previous year.
• Insider trading activity includes sales by executive leaders, with Andrew Callos selling 8,659 shares and Robert I. Blum selling 5,000 shares, indicating a decrease in ownership for both.

Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $71.5833.

Several analysts recently commented on the company. Royal Bank Of Canada dropped their price objective on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Needham & Company LLC restated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, May 14th. Mizuho lowered their price target on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Barclays decreased their price objective on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th.

Insider Activity

In related news, Director Edward M. Md Kaye sold 3,636 shares of Cytokinetics stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the completion of the transaction, the director directly owned 29,658 shares in the company, valued at approximately $952,021.80. The trade was a 10.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total transaction of $182,250.00. Following the completion of the transaction, the chief executive officer owned 388,108 shares of the company's stock, valued at $14,146,536.60. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,295 shares of company stock worth $1,307,390. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. LPL Financial LLC lifted its holdings in shares of Cytokinetics by 6.6% during the 4th quarter. LPL Financial LLC now owns 13,988 shares of the biopharmaceutical company's stock worth $658,000 after acquiring an additional 870 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Cytokinetics by 9.3% during the fourth quarter. Bank of Montreal Can now owns 15,136 shares of the biopharmaceutical company's stock valued at $712,000 after acquiring an additional 1,285 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Cytokinetics during the fourth quarter valued at about $270,000. Raymond James Financial Inc. bought a new position in shares of Cytokinetics during the fourth quarter valued at about $254,000. Finally, Sterling Capital Management LLC raised its stake in shares of Cytokinetics by 805.4% during the fourth quarter. Sterling Capital Management LLC now owns 3,332 shares of the biopharmaceutical company's stock valued at $157,000 after acquiring an additional 2,964 shares during the last quarter.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $0.98 during trading hours on Friday, hitting $37.97. 151,364 shares of the company's stock were exchanged, compared to its average volume of 1,739,955. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $59.39. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of -7.45 and a beta of 0.64. The company's 50-day moving average price is $35.44 and its 200-day moving average price is $38.10.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter last year, the company earned ($1.31) earnings per share. The firm's revenue was up 26727.3% on a year-over-year basis. On average, research analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

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.