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

Key Points

• Cytokinetics received a "Buy" rating from HC Wainwright with a target price of $120.00, indicating a potential upside of 126.29% from its previous closing price.
• Several other firms have also issued ratings on the stock, with a consensus rating of "Moderate Buy" and a price target of $75.71.
• The company reported significant quarterly growth, with a revenue increase of 26,727.3% year-over-year, outperforming analyst expectations.

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $120.00 target price on the biopharmaceutical company's stock. HC Wainwright's price target indicates a potential upside of 126.29% from the stock's previous close.

Several other research firms also recently weighed in on CYTK. Stifel Nicolaus raised their price target on Cytokinetics from $87.00 to $96.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. reduced their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research note on Monday, June 9th. Raymond James Financial initiated coverage on Cytokinetics in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Needham & Company LLC reissued a "buy" rating and set a $72.00 price target on shares of Cytokinetics in a research note on Tuesday, September 2nd. Finally, Evercore ISI increased their price target on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.71.

Cytokinetics Price Performance

Shares of CYTK stock traded up $2.63 during trading hours on Monday, reaching $53.03. 890,930 shares of the company traded hands, compared to its average volume of 1,909,954. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $59.39. The company has a market cap of $6.35 billion, a P/E ratio of -10.39 and a beta of 0.62. The firm has a 50-day moving average price of $41.82 and a 200 day moving average price of $38.13.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. During the same quarter in the previous year, the business earned ($1.31) earnings per share. The company's revenue for the quarter was up 26727.3% compared to the same quarter last year. Sell-side analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity at Cytokinetics

In related news, Director Edward M. Md Kaye sold 6,756 shares of Cytokinetics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the completion of the sale, the director owned 23,230 shares of the company's stock, valued at $1,161,500. The trade was a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $49.28, for a total value of $98,560.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares of the company's stock, valued at $6,929,260.80. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,756 shares of company stock valued at $1,452,550. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently bought and sold shares of CYTK. Thrivent Financial for Lutherans increased its holdings in shares of Cytokinetics by 1.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company's stock valued at $929,000 after acquiring an additional 449 shares during the last quarter. Hudson Bay Capital Management LP grew its position 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 valued at $5,213,000 after purchasing an additional 10,523 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Cytokinetics by 13.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company's stock valued at $2,596,000 after acquiring an additional 9,512 shares during the period. Tower Research Capital LLC TRC lifted its stake 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 acquiring an additional 2,551 shares in the last quarter. Finally, Exome Asset Management LLC lifted its stake 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 acquiring an additional 35,334 shares in 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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