JMP Securities Reiterates “Market Outperform” Rating for Cytokinetics (NASDAQ:CYTK)

JMP Securities restated their market outperform rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note published on Friday,Benzinga reports. The brokerage currently has a $78.00 price objective on the biopharmaceutical company’s stock.

Other research analysts have also issued reports about the company. Stifel Nicolaus began coverage on Cytokinetics in a report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target for 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. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Royal Bank of Canada upped their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Friday. They set a “buy” rating and a $86.00 target price on the stock. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $83.00.

Cytokinetics Stock Down 7.4 %

Cytokinetics stock opened at $42.76 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics has a fifty-two week low of $42.72 and a fifty-two week high of $81.36. The firm has a fifty day moving average price of $48.32 and a two-hundred day moving average price of $52.41. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of -7.95 and a beta of 0.83.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate 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 revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.35) earnings per share. As a group, analysts forecast that Cytokinetics will post -5.25 earnings per share for the current year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $58.48, for a total transaction of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares of the company’s stock, valued at approximately $6,659,585.44. This represents a 5.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $50.55, for a total transaction of $252,750.00. Following the completion of the transaction, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $20,091,400.80. This trade represents a 1.24 % 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 currently owned by corporate insiders.

Institutional Trading of Cytokinetics

Large investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System raised its holdings in shares of Cytokinetics by 0.6% in the third quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock valued at $1,721,000 after buying an additional 200 shares during the last quarter. UMB Bank n.a. increased its position in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. Jones Financial Companies Lllp raised its stake 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 acquiring an additional 374 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cytokinetics by 2.9% during the third quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock worth $795,000 after purchasing an additional 430 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Cytokinetics by 0.4% during the third quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock valued at $6,511,000 after purchasing an additional 538 shares during the last quarter.

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.