Cytokinetics (NASDAQ:CYTK) Upgraded by BidaskClub to “Strong-Buy”

BidaskClub upgraded shares of Cytokinetics (NASDAQ:CYTK) from a buy rating to a strong-buy rating in a report released on Saturday morning, BidAskClub reports.

Several other research firms have also weighed in on CYTK. Cantor Fitzgerald reiterated a buy rating and issued a $14.00 price objective on shares of Cytokinetics in a research note on Friday, May 10th. Zacks Investment Research lowered Cytokinetics from a hold rating to a sell rating in a research note on Tuesday, July 9th. Piper Jaffray Companies set a $14.00 price objective on Cytokinetics and gave the company a buy rating in a research note on Monday, July 15th. Morgan Stanley set a $11.00 price objective on Cytokinetics and gave the company a hold rating in a research note on Monday, July 15th. Finally, HC Wainwright upped their price objective on Cytokinetics from $21.00 to $26.00 and gave the company a buy rating in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $16.00.

CYTK stock opened at $13.09 on Friday. Cytokinetics has a 1-year low of $5.75 and a 1-year high of $14.25. The company has a market cap of $779.82 million, a price-to-earnings ratio of -6.71 and a beta of 1.66. The firm has a 50 day moving average of $11.77. The company has a debt-to-equity ratio of 12.35, a quick ratio of 7.09 and a current ratio of 7.09.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 405.45%. The company had revenue of $7.14 million during the quarter, compared to the consensus estimate of $6.81 million. On average, research analysts expect that Cytokinetics will post -1.85 earnings per share for the current fiscal year.

In other news, CEO Robert I. Blum sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $9.71, for a total value of $58,260.00. Following the transaction, the chief executive officer now directly owns 262,022 shares of the company’s stock, valued at approximately $2,544,233.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 16,500 shares of company stock worth $176,535 over the last three months. 5.70% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its holdings in shares of Cytokinetics by 4.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,500 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 1,000 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Cytokinetics by 6.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 19,608 shares of the biopharmaceutical company’s stock worth $220,000 after acquiring an additional 1,170 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Cytokinetics by 7.7% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 17,270 shares of the biopharmaceutical company’s stock worth $194,000 after acquiring an additional 1,230 shares in the last quarter. Texas Permanent School Fund boosted its holdings in shares of Cytokinetics by 3.8% in the 1st quarter. Texas Permanent School Fund now owns 37,148 shares of the biopharmaceutical company’s stock worth $301,000 after acquiring an additional 1,346 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of Cytokinetics by 14.2% in the 4th quarter. Squarepoint Ops LLC now owns 11,600 shares of the biopharmaceutical company’s stock worth $73,000 after acquiring an additional 1,438 shares in the last quarter. 69.44% of the stock is currently owned by institutional investors and hedge funds.

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 in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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