JMP Securities Reaffirms “Outperform” Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK)‘s stock had its “outperform” rating reaffirmed by investment analysts at JMP Securities in a report released on Tuesday, November 21st, The Fly reports. They presently have a $13.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $17.00. JMP Securities’ price target would indicate a potential upside of 60.49% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of Cytokinetics in a research report on Friday, October 27th. ValuEngine raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Seaport Global Securities reaffirmed a “buy” rating and issued a $24.00 price target on shares of Cytokinetics in a research note on Friday, October 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $25.00 price target (up previously from $24.00) on shares of Cytokinetics in a research note on Friday, October 6th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $21.00 price target on shares of Cytokinetics in a research note on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $17.64.

Cytokinetics (CYTK) traded up $0.30 during trading hours on Tuesday, hitting $8.10. 543,142 shares of the company traded hands, compared to its average volume of 594,790. The company has a debt-to-equity ratio of 0.14, a current ratio of 7.60 and a quick ratio of 7.60. Cytokinetics has a twelve month low of $7.00 and a twelve month high of $17.20.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported ($0.60) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $0.04. The firm had revenue of $6.18 million during the quarter, compared to analysts’ expectations of $5.35 million. Cytokinetics had a negative net margin of 172.27% and a negative return on equity of 62.64%. sell-side analysts anticipate that Cytokinetics will post -2.4 EPS for the current year.

In other news, insider Caryn Gordon Mcdowell sold 4,260 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $12.94, for a total transaction of $55,124.40. Following the sale, the insider now directly owns 17,982 shares in the company, valued at $232,687.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $14.59, for a total value of $72,950.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,762 shares of company stock worth $497,826. Company insiders own 7.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Cytokinetics by 59.9% in the second quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock valued at $37,721,000 after acquiring an additional 1,168,151 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Cytokinetics by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 2,778,605 shares of the biopharmaceutical company’s stock worth $40,290,000 after buying an additional 93,675 shares in the last quarter. State Street Corp boosted its holdings in shares of Cytokinetics by 79.6% during the 2nd quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock worth $20,259,000 after buying an additional 741,909 shares in the last quarter. Pinnacle Associates Ltd. bought a new position in shares of Cytokinetics during the 3rd quarter worth approximately $14,628,000. Finally, Citigroup Inc. boosted its holdings in shares of Cytokinetics by 9.9% during the 2nd quarter. Citigroup Inc. now owns 800,471 shares of the biopharmaceutical company’s stock worth $9,686,000 after buying an additional 71,811 shares in the last quarter. Institutional investors and hedge funds own 73.72% of the company’s stock.

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Cytokinetics Company Profile

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.

The Fly

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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