Cytokinetics (NASDAQ:CYTK) Lowered to Sell at BidaskClub

BidaskClub lowered shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a report issued on Saturday morning, BidAskClub reports.

CYTK has been the subject of a number of other reports. Morgan Stanley set a $16.00 price target on Cytokinetics and gave the stock a hold rating in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an overweight rating and set a $20.00 price target (up from $14.00) on shares of Cytokinetics in a report on Friday, September 6th. HC Wainwright reaffirmed a buy rating and set a $26.00 price target on shares of Cytokinetics in a report on Friday, October 4th. Zacks Investment Research upgraded Cytokinetics from a sell rating to a hold rating in a research report on Monday, November 4th. Finally, Needham & Company LLC reiterated a buy rating and set a $24.00 target price on shares of Cytokinetics in a research report on Friday, November 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Cytokinetics currently has a consensus rating of Hold and an average target price of $19.86.

CYTK stock traded down $0.07 during midday trading on Friday, hitting $8.20. 5,309,400 shares of the company’s stock were exchanged, compared to its average volume of 528,164. The stock has a market capitalization of $654.04 million, a PE ratio of -4.21 and a beta of 1.54. The company has a current ratio of 8.20, a quick ratio of 8.42 and a debt-to-equity ratio of 12.35. The business has a 50-day simple moving average of $11.43 and a two-hundred day simple moving average of $11.39. Cytokinetics has a 1-year low of $5.75 and a 1-year high of $14.94.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, October 31st. The biopharmaceutical company reported ($0.50) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.56) by $0.06. The company had revenue of $6.06 million during the quarter, compared to the consensus estimate of $7.80 million. Cytokinetics had a negative return on equity of 10,351.99% and a negative net margin of 378.70%. As a group, research analysts expect that Cytokinetics will post -2.02 EPS for the current fiscal year.

In other news, CEO Robert I. Blum sold 6,000 shares of Cytokinetics stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $11.16, for a total transaction of $66,960.00. Following the sale, the chief executive officer now owns 238,022 shares in the company, valued at $2,656,325.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 22,500 shares of company stock worth $271,575 in the last quarter. Insiders own 5.70% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CYTK. FMR LLC increased its position in Cytokinetics by 3.9% in the 1st quarter. FMR LLC now owns 1,926,824 shares of the biopharmaceutical company’s stock valued at $15,589,000 after acquiring an additional 73,141 shares during the period. Louisiana State Employees Retirement System increased its position in Cytokinetics by 4.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,500 shares of the biopharmaceutical company’s stock valued at $237,000 after acquiring an additional 1,000 shares during the period. Oregon Public Employees Retirement Fund increased its position in Cytokinetics by 8.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 22,889 shares of the biopharmaceutical company’s stock valued at $258,000 after acquiring an additional 1,700 shares during the period. State of Alaska Department of Revenue increased its position in Cytokinetics by 6.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 19,608 shares of the biopharmaceutical company’s stock valued at $220,000 after acquiring an additional 1,170 shares during the period. Finally, Arizona State Retirement System increased its position in Cytokinetics by 6.1% in the 2nd quarter. Arizona State Retirement System now owns 89,538 shares of the biopharmaceutical company’s stock valued at $1,007,000 after acquiring an additional 5,139 shares during the period. Institutional investors and hedge funds own 76.13% 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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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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