HC Wainwright Forecasts Reduced Earnings for Cytokinetics

Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) - Analysts at HC Wainwright cut their FY2024 EPS estimates for Cytokinetics in a research report issued on Thursday, November 7th. HC Wainwright analyst J. Pantginis now anticipates that the biopharmaceutical company will post earnings of ($5.39) per share for the year, down from their prior estimate of ($5.24). HC Wainwright has a "Buy" rating and a $120.00 price objective on the stock. The consensus estimate for Cytokinetics' current full-year earnings is ($5.29) per share. HC Wainwright also issued estimates for Cytokinetics' Q4 2024 earnings at ($1.37) EPS.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The business's quarterly revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.35) EPS.

Several other research analysts have also recently commented on the company. Royal Bank of Canada assumed coverage on Cytokinetics in a research report on Friday. They set an "outperform" rating and a $80.00 price target for the company. Needham & Company LLC restated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, October 17th. Cantor Fitzgerald reissued an "overweight" rating on shares of Cytokinetics in a research report on Friday, October 18th. The Goldman Sachs Group cut shares of Cytokinetics from a "buy" rating to a "neutral" rating and dropped their target price for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. lifted their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.67.

Cytokinetics Stock Up 1.1 %

Cytokinetics stock traded up $0.64 during mid-day trading on Monday, reaching $58.62. The company's stock had a trading volume of 1,936,225 shares, compared to its average volume of 2,076,483. The business's 50 day simple moving average is $54.13 and its 200 day simple moving average is $55.45. Cytokinetics has a 12 month low of $30.68 and a 12 month high of $110.25. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 9.28. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of -10.90 and a beta of 0.78.

Insiders Place Their Bets

In other news, Director Wendall Wierenga sold 4,452 shares of Cytokinetics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now owns 24,559 shares in the company, valued at approximately $1,283,207.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $51.63, for a total value of $258,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,520,653.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendall Wierenga sold 4,452 shares of the firm's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $52.25, for a total transaction of $232,617.00. Following the completion of the transaction, the director now owns 24,559 shares of the company's stock, valued at approximately $1,283,207.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 53,736 shares of company stock worth $2,890,489 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CYTK. Darwin Global Management Ltd. bought a new stake in shares of Cytokinetics during the 2nd quarter valued at about $246,074,000. Integral Health Asset Management LLC lifted its position in shares of Cytokinetics by 122.2% during the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company's stock valued at $54,180,000 after acquiring an additional 550,000 shares during the period. Hood River Capital Management LLC boosted its stake in Cytokinetics by 5.9% during the second quarter. Hood River Capital Management LLC now owns 737,637 shares of the biopharmaceutical company's stock worth $39,965,000 after acquiring an additional 40,990 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in Cytokinetics in the first quarter worth $51,277,000. Finally, Great Point Partners LLC increased its stake in Cytokinetics by 134.5% in the second quarter. Great Point Partners LLC now owns 474,202 shares of the biopharmaceutical company's stock valued at $25,692,000 after purchasing an additional 272,000 shares in the last quarter.

Cytokinetics Company Profile

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.