Cytokinetics (NASDAQ:CYTK) has been given a $14.00 price target by equities research analysts at Cantor Fitzgerald in a research report issued on Wednesday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 84.45% from the stock’s current price.
The analysts wrote, “We reiterate our OW rating and 12-month price target of $14. CYTK hosted a R&D Day during which it provided incremental updates on its programs and broadening pipeline. Takeaways include design of the second P3 study of ome’ called METEORIC-HF, which we are enthusiastic to see as it will evaluate exercise tolerance in patients with HF. METEROIC data are expected in 2021, and we believe a positive outcome would brightline the differentiated clinical profile vs. current SOC. Additionally, data from the primary study for regulatory purposes, GALACTIC-HF, are expected in 2021, with interim reads in 2019 (futility) and 2020 (efficacy) that may yield milestone payments to the company.””
Several other equities analysts have also recently weighed in on the company. ValuEngine raised Cytokinetics from a “hold” rating to a “buy” rating in a research report on Wednesday. BidaskClub cut Cytokinetics from a “buy” rating to a “hold” rating in a report on Monday. HC Wainwright dropped their target price on Cytokinetics from $24.00 to $21.00 and set a “buy” rating for the company in a report on Friday, October 5th. They noted that the move was a valuation call. Morgan Stanley set a $10.00 target price on Cytokinetics and gave the stock a “hold” rating in a report on Friday, October 5th. Finally, Zacks Investment Research cut Cytokinetics from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $13.00.
Shares of NASDAQ CYTK traded down $0.19 during trading hours on Wednesday, hitting $7.59. 11,179 shares of the company’s stock were exchanged, compared to its average volume of 325,808. Cytokinetics has a 1-year low of $6.20 and a 1-year high of $15.43. The company has a debt-to-equity ratio of 0.41, a quick ratio of 8.95 and a current ratio of 8.95. The stock has a market capitalization of $456.14 million, a PE ratio of -3.13 and a beta of 1.42.
Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, hitting the consensus estimate of ($0.51). The business had revenue of $6.22 million for the quarter, compared to analyst estimates of $5.54 million. As a group, equities research analysts forecast that Cytokinetics will post -2.06 EPS for the current fiscal year.
In related news, CEO Robert I. Blum sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $7.94, for a total transaction of $31,760.00. Following the sale, the chief executive officer now directly owns 164,022 shares in the company, valued at approximately $1,302,334.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 16,500 shares of company stock worth $129,505. 5.10% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CYTK. JPMorgan Chase & Co. boosted its position in Cytokinetics by 28.6% in the 1st quarter. JPMorgan Chase & Co. now owns 112,399 shares of the biopharmaceutical company’s stock valued at $809,000 after buying an additional 25,014 shares during the last quarter. Principal Financial Group Inc. boosted its position in Cytokinetics by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 397,603 shares of the biopharmaceutical company’s stock valued at $2,863,000 after buying an additional 9,786 shares during the last quarter. UBS Group AG boosted its position in Cytokinetics by 226.7% in the 1st quarter. UBS Group AG now owns 54,910 shares of the biopharmaceutical company’s stock valued at $396,000 after buying an additional 38,105 shares during the last quarter. A.R.T. Advisors LLC bought a new position in Cytokinetics in the 1st quarter valued at $350,000. Finally, Millennium Management LLC boosted its position in Cytokinetics by 282.2% in the 1st quarter. Millennium Management LLC now owns 102,172 shares of the biopharmaceutical company’s stock valued at $736,000 after buying an additional 75,442 shares during the last quarter. Hedge funds and other institutional investors own 68.39% of the company’s stock.
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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