Cytokinetics (NASDAQ:CYTK) Shares Gap Up – Still a Buy?

by · The Markets Daily

Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $37.50, but opened at $42.01. Cytokinetics shares last traded at $43.43, with a volume of 1,003,296 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada raised their price objective on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a research report on Friday, March 7th. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Citigroup began coverage on shares of Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Get Our Latest Research Report on Cytokinetics

Cytokinetics Price Performance

The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a market capitalization of $4.80 billion, a price-to-earnings ratio of -7.53 and a beta of 0.95. The business’s 50 day simple moving average is $45.20 and its 200-day simple moving average is $49.17.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. Research analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total value of $98,640.00. Following the sale, the executive vice president now directly owns 116,071 shares in the company, valued at $5,724,621.72. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 3,341 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the sale, the executive vice president now owns 64,434 shares of the company’s stock, valued at $2,788,059.18. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,834 shares of company stock worth $2,560,525. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently made changes to their positions in CYTK. Deep Track Capital LP lifted its holdings in shares of Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $117,600,000 after purchasing an additional 1,870,094 shares in the last quarter. Capital International Investors acquired a new stake in Cytokinetics during the 4th quarter worth about $51,564,000. T. Rowe Price Investment Management Inc. grew its stake in Cytokinetics by 11.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after acquiring an additional 1,062,136 shares in the last quarter. Norges Bank acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $46,556,000. Finally, Vestal Point Capital LP lifted its position in shares of Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock worth $110,544,000 after purchasing an additional 850,000 shares in the last quarter.

Cytokinetics Company Profile

(Get Free Report)

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.

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