Cytokinetics, Incorporated (NASDAQ:CYTK) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Cytokinetics, Incorporated has received an average rating of "Moderate Buy" from fifteen analysts, with three analysts rating it as a hold, eleven as a buy, and one as a strong buy.
• The company's stock performance includes a current price of $52.09, a 52-week low of $29.31, and an average 1-year price target of $75.38 from brokerages.
• In its latest quarterly earnings, Cytokinetics reported revenue of $66.77 million, significantly surpassing estimates and marking a year-over-year increase of over 26,000%.

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Get Free Report) have received a consensus rating of "Moderate Buy" from the fifteen analysts that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $75.3846.

CYTK has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Barclays increased their price objective on shares of Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Needham & Company LLC reiterated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research note on Monday, June 9th.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $52.09 on Tuesday. The firm's 50 day moving average price is $38.00 and its 200-day moving average price is $37.66. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39. The company has a market cap of $6.23 billion, a PE ratio of -10.21 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating 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 in the prior year, the business posted ($1.31) earnings per share. Cytokinetics's revenue for the quarter was up 26727.3% on a year-over-year basis. On average, analysts forecast that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total transaction of $76,620.00. Following the transaction, the executive vice president directly owned 140,610 shares of the company's stock, valued at approximately $5,386,769.10. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $38.15, for a total value of $190,750.00. Following the transaction, the chief executive officer directly owned 393,108 shares in the company, valued at approximately $14,997,070.20. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,756 shares of company stock valued at $1,171,560. Corporate insiders own 3.40% of the company's stock.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently made changes to their positions in the business. Thrivent Financial for Lutherans increased its position in shares of Cytokinetics by 1.6% during the second quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company's stock worth $929,000 after purchasing an additional 449 shares in the last quarter. Hudson Bay Capital Management LP raised its holdings in shares of Cytokinetics by 7.1% in the second quarter. Hudson Bay Capital Management LP now owns 157,786 shares of the biopharmaceutical company's stock worth $5,213,000 after buying an additional 10,523 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Cytokinetics by 13.8% in the second quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company's stock worth $2,596,000 after buying an additional 9,512 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Cytokinetics by 29.9% in the second quarter. Tower Research Capital LLC TRC now owns 11,086 shares of the biopharmaceutical company's stock worth $366,000 after buying an additional 2,551 shares during the last quarter. Finally, Exome Asset Management LLC raised its holdings in shares of Cytokinetics by 43.9% in the second quarter. Exome Asset Management LLC now owns 115,817 shares of the biopharmaceutical company's stock worth $3,827,000 after buying an additional 35,334 shares during the last quarter.

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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