Cytokinetics (NASDAQ:CYTK) Cut to “Sell” at Wall Street Zen

by · The Markets Daily

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

Other equities research analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a report on Monday, August 31st. JPMorgan Chase & Co. upped their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Royal Bank Of Canada reduced their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Finally, Citizens Jmp lifted their price target on Cytokinetics from $105.00 to $110.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. Eighteen 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $106.00.

Read Our Latest Research Report on CYTK

Cytokinetics Price Performance

Shares of CYTK stock opened at $61.35 on Friday. The business’s fifty day moving average price is $72.74 and its 200 day moving average price is $73.26. The firm has a market capitalization of $7.63 billion, a PE ratio of -8.50 and a beta of 0.41. Cytokinetics has a 1-year low of $54.30 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK – Get Free Report) last released 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 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 company earned ($1.12) EPS. The business’s revenue was down 57.1% on a year-over-year basis. Equities research analysts expect that Cytokinetics will post -5.98 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, Director B. Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total value of $357,400.00. Following the sale, the director owned 10,784 shares of the company’s stock, valued at approximately $770,840.32. This trade represents a 31.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert E. Landry sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total transaction of $72,130.00. Following the transaction, the director directly owned 8,184 shares of the company’s stock, valued at $590,311.92. The trade was a 10.89% decrease in their ownership of the stock. 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 sold a total of 191,426 shares of company stock worth $13,745,435 over the last quarter. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. Integrated Wealth Concepts LLC acquired a new stake in shares of Cytokinetics in the second quarter worth $36,000. Rockefeller Capital Management L.P. raised its position in Cytokinetics by 842.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after buying an additional 573 shares during the period. Western Wealth Management LLC purchased a new stake in Cytokinetics in the 1st quarter worth about $53,000. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 55.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock worth $102,000 after acquiring an additional 549 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Cytokinetics by 12.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock worth $212,000 after acquiring an additional 266 shares during the period.

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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