Cytokinetics (NASDAQ:CYTK) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

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. “

Other equities analysts also recently issued reports about the company. HC Wainwright increased their target price on Cytokinetics from $21.00 to $26.00 and gave the stock a buy rating in a research report on Monday, May 6th. BidaskClub upgraded Cytokinetics from a buy rating to a strong-buy rating in a research report on Saturday. Cantor Fitzgerald reiterated a buy rating and set a $14.00 target price on shares of Cytokinetics in a research report on Friday, May 10th. Piper Jaffray Companies set a $14.00 target price on Cytokinetics and gave the stock a buy rating in a research report on Monday, July 15th. Finally, Needham & Company LLC set a $16.00 price objective on Cytokinetics and gave the stock a buy rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Cytokinetics has a consensus rating of Buy and an average target price of $16.00.

CYTK opened at $13.09 on Tuesday. The firm’s fifty day moving average is $11.77. Cytokinetics has a 52 week low of $5.75 and a 52 week high of $14.25. The firm has a market capitalization of $779.82 million, a price-to-earnings ratio of -6.71 and a beta of 1.66. The company has a current ratio of 7.09, a quick ratio of 7.09 and a debt-to-equity ratio of 12.35.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative return on equity of 405.45% and a negative net margin of 308.73%. The business had revenue of $7.14 million for the quarter, compared to analysts’ expectations of $6.81 million. On average, research analysts forecast that Cytokinetics will post -1.85 earnings per share for the current fiscal year.

In other news, CEO Robert I. Blum sold 6,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $10.94, for a total value of $65,640.00. Following the transaction, the chief executive officer now directly owns 256,022 shares in the company, valued at approximately $2,800,880.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 16,500 shares of company stock worth $176,535. Company insiders own 5.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CYTK. BlackRock Inc. lifted its holdings in shares of Cytokinetics by 2.2% in the 2nd quarter. BlackRock Inc. now owns 9,058,271 shares of the biopharmaceutical company’s stock worth $101,905,000 after purchasing an additional 195,445 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Cytokinetics by 32.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 104,570 shares of the biopharmaceutical company’s stock valued at $1,176,000 after acquiring an additional 25,783 shares in the last quarter. Athanor Capital LP bought a new stake in Cytokinetics during the 2nd quarter valued at $242,000. Northern Trust Corp raised its stake in Cytokinetics by 24.5% during the 2nd quarter. Northern Trust Corp now owns 676,985 shares of the biopharmaceutical company’s stock valued at $7,616,000 after acquiring an additional 133,189 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Cytokinetics by 33.8% during the 2nd quarter. Renaissance Technologies LLC now owns 368,300 shares of the biopharmaceutical company’s stock valued at $4,143,000 after acquiring an additional 93,000 shares in the last quarter. Institutional investors own 69.44% of the company’s stock.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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