Cytokinetics (NASDAQ:CYTK) Releases Quarterly Earnings Results

Cytokinetics (NASDAQ:CYTK) posted its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.25), Briefing.com reports. The firm had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. The business’s quarterly revenue was down 71.3% on a year-over-year basis. During the same period in the previous year, the company earned ($1.34) earnings per share.

Cytokinetics Stock Performance

Cytokinetics stock opened at $55.79 on Monday. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The firm has a 50 day moving average price of $54.83 and a 200 day moving average price of $63.66. The company has a market capitalization of $5.85 billion, a PE ratio of -10.33 and a beta of 0.75.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CYTK shares. B. Riley reduced their price target on Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Oppenheimer cut their target price on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Barclays cut their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. JPMorgan Chase & Co. cut their target price on Cytokinetics from $77.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, June 24th. Finally, Bank of America cut their price target on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $53.71, for a total value of $392,083.00. Following the completion of the transaction, the executive vice president now owns 121,704 shares in the company, valued at $6,536,721.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cytokinetics news, CAO Robert Wong sold 13,011 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the transaction, the chief accounting officer now owns 16,653 shares in the company, valued at $813,998.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $53.71, for a total transaction of $392,083.00. Following the completion of the transaction, the executive vice president now owns 121,704 shares of the company’s stock, valued at approximately $6,536,721.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 153,332 shares of company stock worth $8,177,236. Insiders own 3.40% 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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.