Cytokinetics (NASDAQ:CYTK) Releases Earnings Results, Beats Estimates By $0.03 EPS

Cytokinetics (NASDAQ:CYTK) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating the consensus estimate of ($1.29) by $0.03, Zacks reports.

Cytokinetics Price Performance

Shares of CYTK traded up $0.59 during midday trading on Thursday, hitting $47.45. 1,201,447 shares of the company traded hands, compared to its average volume of 1,587,984. The stock has a 50-day moving average of $47.28 and a 200-day moving average of $51.36. Cytokinetics has a one year low of $40.53 and a one year high of $75.71. The firm has a market cap of $5.60 billion, a P/E ratio of -8.82 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Insider Activity

In related news, Director Wendall Wierenga sold 742 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now directly owns 24,559 shares in the company, valued at approximately $1,193,812.99. This represents a 2.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.64, for a total transaction of $369,672.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,877,835.44. This trade represents a 5.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,822 shares of company stock worth $1,127,848 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CYTK shares. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Thursday, February 6th. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Friday, February 7th. Morgan Stanley upgraded Cytokinetics from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $70.00 to $67.00 in a research note on Thursday, February 13th. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Finally, Mizuho lifted their target price on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average price target of $82.00.

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.