Cytokinetics (NASDAQ:CYTK) Coverage Initiated by Analysts at Raymond James Financial

Key Points

• Raymond James Financial has initiated coverage on Cytokinetics (NASDAQ:CYTK) with a "market perform" rating, reflecting cautious optimism regarding the company's stock prospects.
• Cytokinetics reported a quarterly earnings of ($1.36) EPS, which beat consensus estimates, while revenue surged by 89.1% year-on-year, totaling $1.60 million.
• The stock has a consensus rating of "Moderate Buy" among analysts, with an average target price of $70.92, indicating positive expectations for future performance.

Raymond James Financial began coverage on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a report published on Wednesday. The brokerage issued a market perform rating on the biopharmaceutical company's stock.

Several other research firms also recently weighed in on CYTK. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Barclays reduced their price target on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC restated a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a research report on Wednesday, May 14th. Royal Bank Of Canada reduced their price target on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, UBS Group cut their price objective on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.92.

Cytokinetics Stock Down 2.5%

Shares of CYTK stock traded down $0.95 during mid-day trading on Wednesday, hitting $36.69. 1,088,724 shares of the stock were exchanged, compared to its average volume of 1,334,318. The firm has a fifty day moving average of $34.41 and a 200 day moving average of $39.02. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $59.39. The company has a market cap of $4.38 billion, a PE ratio of -6.94 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.77 million. During the same period in the previous year, the company earned ($1.33) earnings per share. The company's revenue was up 89.1% compared to the same quarter last year. Equities analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 8,659 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.04, for a total transaction of $277,434.36. Following the completion of the transaction, the executive vice president owned 52,028 shares of the company's stock, valued at approximately $1,666,977.12. This trade represents a 14.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Muna Bhanji sold 1,454 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the transaction, the director directly owned 23,510 shares of the company's stock, valued at $698,952.30. The trade was a 5.82% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,751 shares of company stock worth $1,424,731. Insiders own 3.40% of the company's stock.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Deep Track Capital LP boosted its position in Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after buying an additional 1,870,094 shares during the period. Capital International Investors purchased a new position in Cytokinetics in the 4th quarter valued at approximately $51,564,000. T. Rowe Price Investment Management Inc. boosted its position in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after buying an additional 1,062,136 shares during the period. Norges Bank purchased a new position in Cytokinetics in the 4th quarter valued at approximately $46,556,000. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. lifted its position in shares of Cytokinetics by 571.2% during the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company's stock worth $35,768,000 after purchasing an additional 921,278 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.