Zacks Investment Research upgraded shares of Cytokinetics, Incorporated (NASDAQ:CYTK) from a hold rating to a buy rating in a research note released on Monday, August 7th. The brokerage currently has $15.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “
CYTK has been the topic of several other reports. HC Wainwright reissued a buy rating and set a $25.00 price objective on shares of Cytokinetics, in a research report on Tuesday, April 25th. BidaskClub raised shares of Cytokinetics, from a hold rating to a buy rating in a research report on Tuesday, July 25th. Morgan Stanley assumed coverage on shares of Cytokinetics, in a research report on Monday, July 31st. They set an overweight rating and a $24.00 price objective on the stock. Cowen and Company reissued an outperform rating and set a $19.00 price objective (up from $17.00) on shares of Cytokinetics, in a research report on Saturday, April 29th. Finally, Cantor Fitzgerald reissued an overweight rating on shares of Cytokinetics, in a research report on Friday, May 19th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Cytokinetics, presently has a consensus rating of Buy and a consensus target price of $21.30.
Cytokinetics, (NASDAQ:CYTK) traded up 0.40% during midday trading on Monday, reaching $12.50. 930,981 shares of the company’s stock traded hands. Cytokinetics, has a 1-year low of $8.51 and a 1-year high of $17.20. The company’s market capitalization is $670.83 million. The firm’s 50 day moving average price is $13.29 and its 200-day moving average price is $13.11.
Cytokinetics, (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.57) by $0.03. Cytokinetics, had a negative return on equity of 14.15% and a negative net margin of 16.00%. The business had revenue of $3.05 million for the quarter, compared to analysts’ expectations of $5.28 million. Equities analysts expect that Cytokinetics, will post ($2.08) EPS for the current year.
In other Cytokinetics, news, insider Caryn Gordon Mcdowell sold 11,348 shares of Cytokinetics, stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $12.47, for a total transaction of $141,509.56. Following the completion of the transaction, the insider now owns 21,570 shares in the company, valued at $268,977.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics, stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $13.79, for a total transaction of $68,950.00. Following the transaction, the chief executive officer now owns 84,785 shares of the company’s stock, valued at approximately $1,169,185.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,348 shares of company stock worth $339,260. 7.20% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position in shares of Cytokinetics, by 8.8% in the first quarter. FMR LLC now owns 5,655,916 shares of the biopharmaceutical company’s stock worth $72,679,000 after buying an additional 456,502 shares during the last quarter. Vanguard Group Inc. raised its position in Cytokinetics, by 59.9% in the second quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock worth $37,721,000 after buying an additional 1,168,151 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Cytokinetics, during the second quarter worth $32,488,000. State Street Corp raised its position in Cytokinetics, by 79.6% in the second quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock worth $20,259,000 after buying an additional 741,909 shares in the last quarter. Finally, Citigroup Inc. raised its position in Cytokinetics, by 9.9% in the second quarter. Citigroup Inc. now owns 800,471 shares of the biopharmaceutical company’s stock worth $9,686,000 after buying an additional 71,811 shares in the last quarter. Institutional investors own 56.50% of the company’s stock.
Cytokinetics, Company Profile
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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