Cytokinetics (NASDAQ:CYTK) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cytokinetics to “Hold” from “Sell,” while the broader analyst consensus remains “Moderate Buy,” with 19 Buy ratings and an average price target of $102.20.
• Cytokinetics shares opened at $74.13, up 0.9%, with a market capitalization of approximately $9.22 billion. The company exceeded quarterly expectations, reporting an adjusted loss of $1.50 per share versus the $1.63 consensus estimate and revenue of $28.62 million versus $17.59 million expected.
• Company insiders sold 115,179 shares worth approximately $9.1 million over the past 90 days, while several institutional investors—including Millennium Management— increased their holdings.

Cytokinetics (NASDAQ:CYTK - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

A number of other brokerages also recently issued reports on CYTK. Royal Bank Of Canada cut their price target on shares of Cytokinetics from $117.00 to $112.00 and set an "outperform" rating for the company in a report on Friday, August 7th. Mizuho upped their price objective on Cytokinetics from $100.00 to $118.00 and gave the company an "outperform" rating in a report on Wednesday, June 24th. Citigroup reiterated a "market outperform" rating on shares of Cytokinetics in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on Cytokinetics from $97.00 to $103.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Barclays lifted their target price on Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a research report on Thursday. Nineteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $102.20.

Cytokinetics Trading Up 0.9%

Shares of CYTK opened at $74.13 on Friday. Cytokinetics has a 12-month low of $35.22 and a 12-month high of $88.31. The firm has a 50-day moving average price of $79.27 and a 200 day moving average price of $71.31. The firm has a market capitalization of $9.22 billion, a P/E ratio of -10.27 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts' consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million for the quarter, compared to analysts' expectations of $17.59 million. Cytokinetics's revenue for the quarter was down 57.1% on a year-over-year basis. During the same period last year, the firm earned ($1.12) earnings per share. Equities research analysts predict that Cytokinetics will post -6.03 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $76.76, for a total transaction of $575,700.00. Following the completion of the transaction, the chief executive officer owned 377,820 shares of the company's stock, valued at approximately $29,001,463.20. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company's stock, valued at $12,402,962.18. This trade represents a 2.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 115,179 shares of company stock valued at $9,117,354 over the last 90 days. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. Millennium Management LLC raised its holdings in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after buying an additional 225,576 shares during the period. Cetera Investment Advisers boosted its holdings in Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock valued at $219,000 after acquiring an additional 731 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 673 shares during the period. Gabelli Funds LLC grew its position in Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after acquiring an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after acquiring an additional 13,911 shares in the last quarter.

About Cytokinetics

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company's most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

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