Cytokinetics (NASDAQ:CYTK) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Cytokinetics has been upgraded from a "strong sell" to a "hold" rating by Wall Street Zen, reflecting a shift in analyst sentiment towards the stock.
• Recent price target adjustments show varying views: UBS set a target of $41 while Needham maintains a $72 target, indicating differing market expectations.
• Cytokinetics reported quarterly earnings with a significant revenue increase, posting a revenue of $66.77 million, up from a consensus estimate of $1.95 million.

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

Several other brokerages have also recently weighed in on CYTK. UBS Group decreased their price objective on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Wednesday, May 14th. Royal Bank Of Canada decreased their price target on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. JPMorgan Chase & Co. decreased their price target on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research note on Monday, June 9th. Finally, Citigroup decreased their price target on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $70.69.

Cytokinetics Trading Down 3.2%

Shares of Cytokinetics stock opened at $34.11 on Friday. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -6.69 and a beta of 0.64. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $59.39. The firm's 50-day moving average price is $34.88 and its two-hundred day moving average price is $38.70.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. Cytokinetics's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.31) earnings per share. As a group, equities research analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insiders Place Their Bets

In related news, Director Muna Bhanji sold 1,454 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the transaction, the director directly owned 23,510 shares in the company, valued at $698,952.30. This represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Edward M. Md Kaye sold 3,636 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the completion of the transaction, the director owned 29,658 shares in the company, valued at $952,021.80. This represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,749 shares of company stock valued at $1,350,617 over the last three months. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of the company. Ontario Teachers Pension Plan Board raised its holdings in Cytokinetics by 95.0% in the second quarter. Ontario Teachers Pension Plan Board now owns 29,135 shares of the biopharmaceutical company's stock worth $963,000 after purchasing an additional 14,192 shares during the period. Cetera Investment Advisers raised its holdings in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after acquiring an additional 731 shares during the period. Creative Planning raised its holdings in shares of Cytokinetics by 43.1% during the second quarter. Creative Planning now owns 48,062 shares of the biopharmaceutical company's stock worth $1,588,000 after acquiring an additional 14,485 shares during the period. SG Americas Securities LLC raised its holdings in shares of Cytokinetics by 19.6% during the second quarter. SG Americas Securities LLC now owns 8,048 shares of the biopharmaceutical company's stock worth $266,000 after acquiring an additional 1,317 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Cytokinetics by 8.8% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,684 shares of the biopharmaceutical company's stock worth $1,014,000 after acquiring an additional 2,474 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.