Cytokinetics (NASDAQ:CYTK) Upgraded by Citigroup to "Strong-Buy" Rating

Key Points

• Citigroup upgraded Cytokinetics (NASDAQ:CYTK) to “strong-buy,” adding to a generally positive analyst backdrop. The stock now has an average rating of “Moderate Buy” and an average target price of $99.30.
• Cytokinetics reported strong quarterly revenue growth, posting $19.36 million in revenue versus $8.52 million expected and up 1112.5% year over year. EPS came in at ($1.67), matching consensus estimates.
• Shares were trading higher and insider selling continued, with CYTK up 1.7% to $76.45, near its 52-week high of $80.20. Recent executive sales were disclosed, including transactions by EVP Fady Ibraham Malik and EVP Andrew Callos.

Cytokinetics (NASDAQ:CYTK - Get Free Report) was upgraded by investment analysts at Citigroup to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages also recently issued reports on CYTK. Needham & Company LLC raised their price objective on Cytokinetics from $85.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. B. Riley Financial raised their price objective on Cytokinetics from $90.00 to $108.00 and gave the stock a "buy" rating in a research report on Wednesday, January 21st. Leerink Partners restated an "outperform" rating on shares of Cytokinetics in a research report on Tuesday, March 10th. Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. Finally, Robert W. Baird set a $84.00 price objective on Cytokinetics in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $99.30.

Cytokinetics Trading Up 1.7%

Shares of CYTK stock opened at $76.45 on Monday. The business's 50-day moving average price is $66.51 and its 200-day moving average price is $64.83. Cytokinetics has a 12 month low of $29.81 and a 12 month high of $80.20. The firm has a market capitalization of $9.51 billion, a price-to-earnings ratio of -11.18 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period in the previous year, the business posted ($1.36) earnings per share. The business's revenue for the quarter was up 1112.5% compared to the same quarter last year. On average, sell-side analysts predict that Cytokinetics will post -6.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $11,907,397.74. The trade was a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the sale, the executive vice president owned 58,555 shares of the company's stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 177,476 shares of company stock worth $11,294,769. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently added to or reduced their stakes in CYTK. Millennium Management LLC grew its stake in Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after acquiring an additional 225,576 shares during the period. Cetera Investment Advisers grew its stake in Cytokinetics by 12.4% in the second 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 grew its stake in Cytokinetics by 723.7% in the second 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 stake in Cytokinetics by 29.4% in the second 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 during the period. Finally, California Public Employees Retirement System grew its holdings in shares of Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after buying an additional 13,911 shares during 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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