JMP Securities Reiterates Market Outperform Rating for Cytokinetics (NASDAQ:CYTK)

Key Points

• Cytokinetics has received a "market outperform" rating from JMP Securities, with a price target of $78.00, indicating a potential 63.35% upside from its previous close.
• The company reported earnings of ($1.12) per share, beating expectations and experiencing a revenue increase of 26727.3% compared to the same quarter last year.
• Despite recent insider sales, corporate insiders own 3.40% of Cytokinetics' stock, indicating some level of confidence in the company's future.

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "market outperform" rating reiterated by equities researchers at JMP Securities in a note issued to investors on Tuesday,Benzinga reports. They presently have a $78.00 price objective on the biopharmaceutical company's stock. JMP Securities' price objective points to a potential upside of 47.14% from the stock's current price.

Several other equities analysts have also recently weighed in on the company. Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a report on Sunday, August 10th. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a report on Tuesday, May 13th. Citigroup lowered their price target on Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $75.38.

Cytokinetics Trading Up 6.6%

CYTK stock traded up $3.26 during midday trading on Tuesday, hitting $53.01. The company's stock had a trading volume of 3,722,451 shares, compared to its average volume of 2,537,097. The company has a market cap of $6.34 billion, a PE ratio of -10.39 and a beta of 0.62. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $59.39. The firm's 50-day moving average is $37.62 and its 200-day moving average is $37.80.

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 the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. The business's revenue was up 26727.3% compared to the same quarter last year. During the same period last year, the company posted ($1.31) earnings per share. Analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total transaction of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares of the company's stock, valued at $5,386,769.10. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward M. Md Kaye sold 6,756 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total value of $337,800.00. Following the sale, the director directly owned 23,230 shares in the company, valued at approximately $1,161,500. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,756 shares of company stock valued at $1,171,560. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. Deep Track Capital LP raised its holdings in Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after acquiring an additional 1,870,094 shares during the period. Norges Bank bought a new stake in Cytokinetics during the second quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its holdings in Cytokinetics by 571.2% during the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company's stock valued at $35,768,000 after acquiring an additional 921,278 shares during the period. Paradigm Biocapital Advisors LP bought a new stake in Cytokinetics during the first quarter valued at about $34,510,000. Finally, Vestal Point Capital LP increased its holdings in shares of Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock worth $110,544,000 after purchasing an additional 850,000 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.