Cytokinetics (NASDAQ:CYTK) Stock Bumped Down to Sell by Wall Street Zen

by · The Cerbat Gem

Wall Street Zen downgraded shares of Cytokinetics (NASDAQ:CYTK – Free Report) from a hold rating to a sell rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

CYTK has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Royal Bank Of Canada decreased 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. Needham & Company LLC upped their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Truist Financial upped their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Citizens Jmp raised their price objective on Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Eighteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Get Our Latest Report on CYTK

Cytokinetics Stock Performance

Cytokinetics stock opened at $65.60 on Friday. The firm has a market capitalization of $8.16 billion, a P/E ratio of -9.09 and a beta of 0.41. The business has a 50-day moving average of $73.46 and a 200-day moving average of $73.26. Cytokinetics has a 1 year low of $54.30 and a 1 year high of $88.31.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.63) by $0.13. The firm had revenue of $28.62 million during the quarter, compared to analyst estimates of $17.59 million. During the same quarter in the prior year, the business earned ($1.12) earnings per share. The business’s revenue was down 57.1% on a year-over-year basis. Research analysts anticipate that Cytokinetics will post -5.98 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In related news, EVP Fady Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $68.29, for a total value of $239,015.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $10,509,967.58. This represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert E. Landry sold 1,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $72.13, for a total value of $72,130.00. Following the transaction, the director owned 8,184 shares of the company’s stock, valued at approximately $590,311.92. This trade represents a 10.89% 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 have sold 191,426 shares of company stock valued at $13,833,775 over the last three months. Insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

A number of institutional investors have recently modified their holdings of CYTK. Norges Bank acquired a new position in Cytokinetics during the fourth quarter worth $51,281,000. Siren L.L.C. acquired a new stake in Cytokinetics in the 1st quarter valued at $40,466,000. ExodusPoint Capital Management LP acquired a new stake in Cytokinetics in the 4th quarter valued at $21,803,000. Eventide Asset Management LLC lifted its position in Cytokinetics by 181.9% during the 4th quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after buying an additional 309,503 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its position in Cytokinetics by 161.5% during the 4th quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock worth $30,015,000 after buying an additional 291,693 shares in the last quarter.

Cytokinetics Company Profile

(Get Free Report)

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.

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