Cytokinetics (NASDAQ:CYTK) Stock Moved Up to “Hold” by Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Cytokinetics (NASDAQ:CYTK – Free Report) from a sell rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

CYTK has been the topic of several other research reports. Truist Financial lifted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Morgan Stanley raised shares of Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Finally, Needham & Company LLC lifted their price target on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Eighteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $103.37.

Get Our Latest Report on CYTK

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $64.66 on Friday. Cytokinetics has a 1 year low of $47.87 and a 1 year high of $88.31. The firm has a market cap of $8.05 billion, a PE ratio of -8.96 and a beta of 0.36. The stock has a fifty day moving average price of $74.99 and a 200-day moving average price of $73.04.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to analysts’ expectations of $17.59 million. Cytokinetics’s quarterly revenue was down 57.1% compared to the same quarter last year. During the same period last year, the firm posted ($1.12) earnings per share. As a group, equities analysts anticipate that Cytokinetics will post -5.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 10,000 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $70.24, for a total value of $702,400.00. Following the sale, the executive vice president directly owned 58,555 shares in the company, valued at approximately $4,112,903.20. The trade was a 14.59% decrease in their position. The sale was disclosed in a legal filing 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 Malik sold 3,500 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $68.29, for a total transaction of $239,015.00. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $10,509,967.58. This trade represents a 2.22% 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. Insiders sold a total of 210,672 shares of company stock worth $15,630,737 in the last ninety days. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Cytokinetics by 11.9% during the first quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after acquiring an additional 116,593 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of Cytokinetics by 5.0% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company’s stock worth $59,387,000 after acquiring an additional 44,197 shares during the period. Norges Bank bought a new position in shares of Cytokinetics in the fourth quarter worth $51,281,000. Finally, ADAR1 Capital Management LLC grew its position in shares of Cytokinetics by 17.1% in the first quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock valued at $41,692,000 after purchasing an additional 92,390 shares in the last quarter.

About Cytokinetics

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Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.

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