Cytokinetics (NASDAQ:CYTK) Receives Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Cytokinetics (NASDAQ:CYTK - Free Report) in a report issued on Monday morning,Benzinga reports. HC Wainwright currently has a $120.00 price objective on the biopharmaceutical company's stock.

Several other research firms have also commented on CYTK. Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a report on Tuesday, April 8th. Morgan Stanley set a $67.00 price objective on Cytokinetics in a research note on Friday, March 7th. Stifel Nicolaus started coverage on Cytokinetics in a research report on Wednesday, January 22nd. They issued a "buy" rating and a $80.00 target price on the stock. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Thursday, April 10th. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $79.13.

Cytokinetics Stock Performance

Shares of CYTK traded down $0.33 during mid-day trading on Monday, hitting $40.00. The stock had a trading volume of 74,703 shares, compared to its average volume of 1,603,296. Cytokinetics has a fifty-two week low of $32.74 and a fifty-two week high of $68.44. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market cap of $4.77 billion, a PE ratio of -7.43 and a beta of 0.94. The company's fifty day simple moving average is $42.19 and its two-hundred day simple moving average is $47.29.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, topping analysts' consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. On average, equities analysts expect that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total value of $91,960.00. Following the sale, the executive vice president now directly owns 116,071 shares in the company, valued at $5,336,944.58. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 2,775 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $44.38, for a total transaction of $123,154.50. Following the sale, the executive vice president now owns 34,888 shares of the company's stock, valued at $1,548,329.44. The trade was a 7.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,360 shares of company stock worth $3,643,645 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Deep Track Capital LP lifted its stake in Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after buying an additional 1,870,094 shares in the last quarter. Capital International Investors purchased a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $51,564,000. T. Rowe Price Investment Management Inc. boosted its stake in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock worth $505,780,000 after purchasing an additional 1,062,136 shares during the period. Norges Bank purchased a new position in Cytokinetics during the 4th quarter worth approximately $46,556,000. Finally, Vestal Point Capital LP raised its stake in Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock valued at $110,544,000 after purchasing an additional 850,000 shares during the period.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.