Cytokinetics Receives “Buy” Rating from Canaccord Genuity (CYTK)

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Cytokinetics (NASDAQ:CYTK)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a report released on Monday, Analyst Ratings Network reports. They currently have a $9.00 price target on the stock, down from their previous price target of $22.00. Canaccord Genuity’s price target points to a potential upside of 101.79% from the company’s current price.

Shares of Cytokinetics (NASDAQ:CYTK) traded down 2.83% during mid-day trading on Monday, hitting $4.46. 5,102,042 shares of the company’s stock traded hands. Cytokinetics has a one year low of $4.30 and a one year high of $14.28. The stock’s 50-day moving average is $9.50 and its 200-day moving average is $8.0. The company’s market cap is $160.9 million.

Cytokinetics (NASDAQ:CYTK) last released its earnings data on Thursday, February 6th. The company reported $0.21 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.08) by $0.29. The company had revenue of $24.30 million for the quarter, compared to the consensus estimate of $19.14 million. Analysts expect that Cytokinetics will post $-1.09 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Needham & Company LLC cut their price target on shares of Cytokinetics from $25.00 to $15.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at MLV & Co
downgraded shares of Cytokinetics from a “buy” rating to a “hold” rating in a research note on Friday. They now have a $5.00 price target on the stock, down previously from $26.00. Finally, analysts at Piper Jaffray downgraded shares of Cytokinetics from an “overweight” rating to a “neutral” rating in a research note on Friday. They now have a $7.00 price target on the stock, down previously from $18.00. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $12.20.

Cytokinetics, Incorporated (NASDAQ:CYTK) is a biopharmaceutical company focused on the discovery and development of small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions.

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