ValuEngine Upgrades Cytokinetics (CYTK) to Buy

Cytokinetics (NASDAQ:CYTK) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Cytokinetics from a “buy” rating to a “hold” rating in a report on Thursday, July 19th. Cantor Fitzgerald began coverage on shares of Cytokinetics in a report on Thursday, September 20th. They issued an “overweight” rating and a $14.00 price target for the company. Zacks Investment Research downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. Morgan Stanley set a $10.00 price target on shares of Cytokinetics and gave the company a “hold” rating in a report on Friday, October 5th. Finally, HC Wainwright set a $24.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Cytokinetics has an average rating of “Buy” and an average target price of $12.75.

Shares of Cytokinetics stock opened at $7.12 on Thursday. The company has a quick ratio of 8.95, a current ratio of 10.57 and a debt-to-equity ratio of 0.73. Cytokinetics has a fifty-two week low of $6.20 and a fifty-two week high of $12.73. The firm has a market capitalization of $416.81 million, a price-to-earnings ratio of -2.75 and a beta of 1.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.11. The company had revenue of $10.64 million during the quarter, compared to the consensus estimate of $2.23 million. On average, equities research analysts expect that Cytokinetics will post -1.96 earnings per share for the current fiscal year.

In other news, CEO Robert I. Blum sold 4,000 shares of the firm’s stock in a transaction dated Friday, October 5th. The shares were sold at an average price of $8.79, for a total transaction of $35,160.00. Following the completion of the transaction, the chief executive officer now directly owns 160,022 shares of the company’s stock, valued at approximately $1,406,593.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 16,500 shares of company stock valued at $131,090 over the last ninety days. 5.10% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Cytokinetics by 9.5% in the 3rd quarter. BlackRock Inc. now owns 8,698,387 shares of the biopharmaceutical company’s stock valued at $85,680,000 after acquiring an additional 754,593 shares in the last quarter. Millennium Management LLC grew its position 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 buying an additional 359,561 shares during the period. Northern Trust Corp grew its position 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 buying an additional 71,418 shares during the period. FMR LLC grew its position in shares of Cytokinetics by 3.7% during the 3rd quarter. FMR LLC now owns 1,956,383 shares of the biopharmaceutical company’s stock worth $19,271,000 after buying an additional 70,631 shares during the period. Finally, DAFNA Capital Management LLC acquired a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $576,000. Institutional investors and hedge funds own 68.39% of the company’s stock.

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.

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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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