Zacks Investment Research upgraded shares of Cytokinetics (NASDAQ:CYTK) from a sell rating to a hold rating in a research report report published on Friday.
According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company 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 deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “
Several other research firms have also issued reports on CYTK. BidaskClub upgraded Cytokinetics from a buy rating to a strong-buy rating in a research note on Friday, September 28th. ValuEngine upgraded Cytokinetics from a hold rating to a buy rating in a research note on Wednesday, October 3rd. Morgan Stanley set a $10.00 target price on Cytokinetics and gave the company a hold rating in a research note on Friday, October 5th. Cantor Fitzgerald reiterated a buy rating and issued a $14.00 target price on shares of Cytokinetics in a research note on Wednesday, October 3rd. Finally, HC Wainwright cut their target price on Cytokinetics from $24.00 to $21.00 and set a buy rating on the stock in a research note on Friday, October 5th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $13.00.
CYTK traded up $0.47 on Friday, hitting $7.40. The company had a trading volume of 717,021 shares, compared to its average volume of 341,348. Cytokinetics has a 12-month low of $6.20 and a 12-month high of $13.65. The company has a current ratio of 8.95, a quick ratio of 8.95 and a debt-to-equity ratio of 0.41.
Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.11. The company had revenue of $10.64 million during the quarter, compared to analysts’ expectations of $2.23 million. As a group, research analysts anticipate that Cytokinetics will post -2.06 EPS for the current fiscal year.
In other Cytokinetics news, CEO Robert I. Blum sold 4,000 shares of the firm’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $8.79, for a total value of $35,160.00. Following the completion of the sale, the chief executive officer now owns 160,022 shares of the company’s stock, valued at $1,406,593.38. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 12,500 shares of company stock valued at $102,650. Corporate insiders own 5.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp boosted its holdings in Cytokinetics by 16.7% in the second quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock worth $4,138,000 after acquiring an additional 71,418 shares in the last quarter. Millennium Management LLC boosted its holdings in Cytokinetics by 351.9% in the second quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock worth $3,832,000 after acquiring an additional 359,561 shares in the last quarter. DRW Securities LLC boosted its holdings in Cytokinetics by 91.4% in the second quarter. DRW Securities LLC now owns 26,797 shares of the biopharmaceutical company’s stock worth $222,000 after acquiring an additional 12,797 shares in the last quarter. DAFNA Capital Management LLC acquired a new stake in Cytokinetics in the second quarter worth about $576,000. Finally, ClariVest Asset Management LLC boosted its holdings in Cytokinetics by 48.9% in the second quarter. ClariVest Asset Management LLC now owns 125,050 shares of the biopharmaceutical company’s stock worth $1,037,000 after acquiring an additional 41,076 shares in the last quarter. 68.39% of the stock is owned by institutional investors and hedge funds.
Cytokinetics Company Profile
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.
Recommended Story: Terms to Better Understand Call Options
Get a free copy of the Zacks research report on Cytokinetics (CYTK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cytokinetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cytokinetics and related companies with MarketBeat.com's FREE daily email newsletter.