Cytokinetics (NASDAQ:CYTK) Coverage Initiated at Citigroup

Equities research analysts at Citigroup began coverage on shares of Cytokinetics (NASDAQ:CYTK) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $86.00 price target on the biopharmaceutical company’s stock. Citigroup’s target price would suggest a potential upside of 86.27% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a report on Thursday. Stifel Nicolaus assumed coverage on Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target for the company. 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 research note on Wednesday, December 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $46.17 on Friday. Cytokinetics has a fifty-two week low of $44.49 and a fifty-two week high of $81.36. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of -8.58 and a beta of 0.83. The business has a fifty day moving average of $48.50 and a 200-day moving average of $52.51. 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 (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period last year, the business posted ($1.35) earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. As a group, analysts predict that Cytokinetics will post -5.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Wendall Wierenga sold 742 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the completion of the sale, the director now owns 24,559 shares of the company’s stock, valued at $1,193,812.99. This represents a 2.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total value of $370,880.16. Following the completion of the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at $6,659,585.44. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,464 shares of company stock worth $2,025,686 over the last three months. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. Jones Financial Companies Lllp boosted its position in shares of Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 374 shares during the period. Centricity Wealth Management LLC purchased a new position in Cytokinetics in the fourth quarter valued at about $29,000. UMB Bank n.a. boosted its holdings in Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Blue Trust Inc. boosted its holdings in Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the last quarter. Finally, Values First Advisors Inc. purchased a new position in Cytokinetics in the third quarter valued at about $54,000.

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.