Needham & Company LLC downgraded shares of Cytokinetics (NASDAQ:CYTK) from a strong-buy rating to a buy rating in a report published on Wednesday, November 29th. Needham & Company LLC currently has $12.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $22.00.
Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Cytokinetics from a buy rating to a hold rating in a research note on Thursday, August 17th. Cantor Fitzgerald restated a buy rating and set a $21.00 target price on shares of Cytokinetics in a report on Monday, September 18th. TheStreet cut shares of Cytokinetics from a c rating to a d rating in a report on Friday, October 27th. HC Wainwright restated a buy rating and set a $26.00 target price on shares of Cytokinetics in a report on Wednesday, September 20th. Finally, JMP Securities reaffirmed an outperform rating and issued a $13.00 price objective (down previously from $17.00) on shares of Cytokinetics in a research note on Tuesday, November 21st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $17.64.
Shares of Cytokinetics (NASDAQ CYTK) traded down $0.10 during trading hours on Wednesday, hitting $8.00. 408,955 shares of the company’s stock traded hands, compared to its average volume of 1,428,476. Cytokinetics has a 12 month low of $7.00 and a 12 month high of $17.20. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.14.
Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported ($0.60) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.64) by $0.04. Cytokinetics had a negative net margin of 172.27% and a negative return on equity of 62.64%. The business had revenue of $6.18 million for the quarter, compared to analyst estimates of $5.35 million. sell-side analysts predict that Cytokinetics will post -2.4 EPS for the current year.
In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,321 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $13.39, for a total value of $98,028.19. Following the sale, the executive vice president now directly owns 47,540 shares in the company, valued at approximately $636,560.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Caryn Gordon Mcdowell sold 4,260 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $12.94, for a total transaction of $55,124.40. Following the completion of the sale, the insider now owns 17,982 shares in the company, valued at $232,687.08. The disclosure for this sale can be found here. Insiders have sold a total of 34,762 shares of company stock worth $497,826 in the last 90 days. 7.20% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in shares of Cytokinetics during the 2nd quarter valued at about $109,000. Birchview Capital LP acquired a new stake in shares of Cytokinetics during the 3rd quarter valued at about $145,000. Municipal Employees Retirement System of Michigan acquired a new position in Cytokinetics in the second quarter valued at about $132,000. Piedmont Investment Advisors LLC acquired a new position in Cytokinetics in the third quarter valued at about $159,000. Finally, Bank of America Corp DE boosted its position in 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 buying an additional 3,383 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.
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