Cytokinetics, Incorporated (NASDAQ:CYTK) rose 11.3% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $14.55 and last traded at $14.25. Approximately 694,854 shares changed hands during mid-day trading, an increase of 52% from the average daily volume of 456,475 shares. The stock had previously closed at $12.80.
The biopharmaceutical company reported ($0.60) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.64) by $0.04. The company had revenue of $6.18 million during the quarter, compared to the consensus estimate of $5.35 million. Cytokinetics, had a negative return on equity of 14.15% and a negative net margin of 16.00%.
CYTK has been the subject of a number of research analyst reports. Zacks Investment Research raised Cytokinetics, from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Tuesday, July 11th. ValuEngine raised Cytokinetics, from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of Cytokinetics, in a research report on Wednesday, September 20th. Morgan Stanley reaffirmed an “overweight” rating and set a $25.00 price target (up from $24.00) on shares of Cytokinetics, in a research report on Friday, October 6th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $21.00 price target on shares of Cytokinetics, in a research report on Tuesday, September 26th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $21.64.
In other Cytokinetics, news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $14.59, for a total value of $72,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Caryn Gordon Mcdowell sold 13,181 shares of the firm’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $15.49, for a total value of $204,173.69. The disclosure for this sale can be found here. Insiders sold 177,990 shares of company stock valued at $2,628,996 over the last three months. Company insiders own 7.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CYTK. State of Alaska Department of Revenue purchased a new stake in Cytokinetics, in the second quarter worth $109,000. Municipal Employees Retirement System of Michigan purchased a new position in shares of Cytokinetics, in the second quarter valued at $132,000. BNP Paribas Arbitrage SA grew its position in shares of Cytokinetics, by 4,464.4% in the second quarter. BNP Paribas Arbitrage SA now owns 13,328 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 13,036 shares in the last quarter. Bank of America Corp DE grew its position in shares of Cytokinetics, by 36.8% in the first quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock valued at $162,000 after purchasing an additional 3,383 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in shares of Cytokinetics, by 1.4% in the first quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock valued at $171,000 after purchasing an additional 189 shares in the last quarter. 71.00% of the stock is owned by institutional investors and hedge funds.
The firm’s 50-day moving average is $14.69 and its 200 day moving average is $14.02. The company’s market capitalization is $764.74 million.
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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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