Cytokinetics, Inc. (CYTK) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Cytokinetics, Inc. (NASDAQ:CYTK) have been given an average recommendation of “Buy” by the eight research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $12.96.

CYTK has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on shares of Cytokinetics in a report on Thursday, September 20th. They set an “overweight” rating and a $14.00 price target on the stock. Zacks Investment Research downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. ValuEngine upgraded shares of Cytokinetics from a “hold” rating to a “buy” rating in a report on Wednesday, October 3rd. BidaskClub downgraded shares of Cytokinetics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Morgan Stanley set a $10.00 target price on shares of Cytokinetics and gave the stock a “hold” rating in a report on Friday, October 5th.

In related news, CEO Robert I. Blum sold 4,000 shares of Cytokinetics stock in a transaction on Monday, November 5th. The shares were sold at an average price of $7.11, for a total value of $28,440.00. Following the transaction, the chief executive officer now owns 156,022 shares in the company, valued at approximately $1,109,316.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 16,500 shares of company stock worth $118,935 in the last quarter. Insiders own 5.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in shares of Cytokinetics by 9.5% during the 3rd quarter. BlackRock Inc. now owns 8,698,387 shares of the biopharmaceutical company’s stock worth $85,680,000 after purchasing an additional 754,593 shares during the period. Millennium Management LLC increased its holdings in shares of Cytokinetics by 351.9% during the 2nd quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock worth $3,832,000 after purchasing an additional 359,561 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Cytokinetics by 233.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 229,377 shares of the biopharmaceutical company’s stock worth $2,259,000 after purchasing an additional 160,622 shares during the period. Marshall Wace North America L.P. bought a new position in shares of Cytokinetics during the 3rd quarter worth about $1,291,000. Finally, Northern Trust Corp increased its holdings in shares of Cytokinetics by 16.7% during the 2nd quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock worth $4,138,000 after purchasing an additional 71,418 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Shares of NASDAQ:CYTK traded down $0.13 during trading on Friday, reaching $7.28. 272,674 shares of the company traded hands, compared to its average volume of 616,112. The firm has a market capitalization of $402.13 million, a P/E ratio of -2.81 and a beta of 2.05. Cytokinetics has a 1-year low of $5.90 and a 1-year high of $10.26. The company has a quick ratio of 10.58, a current ratio of 10.57 and a debt-to-equity ratio of 0.73.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.11. The company had revenue of $10.64 million for the quarter, compared to analyst estimates of $2.23 million. Equities research analysts expect that Cytokinetics will post -1.95 earnings per share for the current fiscal year.

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.

Further Reading: Market Capitalization and Individual Investors

Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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