HC Wainwright Reiterates "Buy" Rating for Cytokinetics (NASDAQ:CYTK)

Cytokinetics (NASDAQ:CYTK - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They presently have a $120.00 price objective on the biopharmaceutical company's stock. HC Wainwright's price objective would suggest a potential upside of 203.95% from the stock's previous close.

Several other research analysts have also issued reports on the stock. JMP Securities restated a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a research report on Thursday, April 10th. Royal Bank of Canada upped their target price on Cytokinetics from $80.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, December 18th. Evercore ISI upgraded shares of Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. Stifel Nicolaus assumed coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a "buy" rating and a $80.00 price objective for the company. Finally, Citigroup initiated coverage on Cytokinetics in a research note on Friday, February 7th. They set a "buy" rating and a $86.00 price target for the company. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $81.63.

Cytokinetics Stock Performance

CYTK stock traded up $0.33 during trading on Tuesday, hitting $39.48. 1,075,537 shares of the company's stock traded hands, compared to its average volume of 1,602,450. The stock has a fifty day moving average price of $42.63 and a two-hundred day moving average price of $47.75. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 52 week low of $32.74 and a 52 week high of $68.76. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -7.34 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (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 the consensus estimate of $14.26 million. As a group, equities analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $48.06, for a total transaction of $96,120.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company's stock, valued at approximately $5,578,372.26. The trade was a 1.69 % 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, EVP Andrew Callos sold 3,341 shares of Cytokinetics stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the transaction, the executive vice president now directly owns 64,434 shares of the company's stock, valued at approximately $2,788,059.18. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,360 shares of company stock valued at $2,890,065 in the last ninety days. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp raised its stake in shares of Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 291 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Cytokinetics by 17.7% during the first quarter. Harbor Capital Advisors Inc. now owns 53,113 shares of the biopharmaceutical company's stock worth $2,135,000 after purchasing an additional 7,983 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Cytokinetics by 91.4% in the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after buying an additional 552 shares in the last quarter. Finally, E. Ohman J or Asset Management AB bought a new position in shares of Cytokinetics in the first quarter valued at about $13,232,000.

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.