Zacks: Brokerages Anticipate Cytokinetics, Inc. (NASDAQ:CYTK) Will Announce Quarterly Sales of $7.80 Million

Wall Street brokerages expect Cytokinetics, Inc. (NASDAQ:CYTK) to announce $7.80 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for Cytokinetics’ earnings, with the lowest sales estimate coming in at $7.50 million and the highest estimate coming in at $8.10 million. Cytokinetics reported sales of $10.64 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 26.7%. The firm is expected to issue its next earnings report on Thursday, November 7th.

On average, analysts expect that Cytokinetics will report full-year sales of $31.47 million for the current financial year, with estimates ranging from $29.00 million to $34.30 million. For the next financial year, analysts forecast that the company will post sales of $30.86 million, with estimates ranging from $26.40 million to $35.00 million. Zacks’ sales averages are an average based on a survey of research firms that cover Cytokinetics.

Cytokinetics (NASDAQ:CYTK) last issued 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 575.21%. The company had revenue of $7.14 million for the quarter, compared to the consensus estimate of $6.81 million.

Several equities analysts have weighed in on the company. BidaskClub cut Cytokinetics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Morgan Stanley set a $16.00 price objective on Cytokinetics and gave the company a “hold” rating in a research note on Friday, August 9th. Needham & Company LLC set a $16.00 price objective on Cytokinetics and gave the company a “buy” rating in a research note on Friday, August 9th. Zacks Investment Research cut Cytokinetics from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Cantor Fitzgerald restated a “buy” rating and set a $14.00 price objective on shares of Cytokinetics in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $16.00.

In other news, CEO Robert I. Blum sold 6,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $9.71, for a total transaction of $58,260.00. Following the completion of the sale, 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 legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 22,500 shares of company stock valued at $252,375. Insiders own 5.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its holdings in 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 during the last quarter. State of Alaska Department of Revenue increased its holdings in 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 during the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in 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 during the last quarter. Texas Permanent School Fund increased its holdings in 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 during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in 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 during the last quarter. 69.44% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:CYTK traded up $0.77 during trading hours on Friday, hitting $13.26. 444,400 shares of the company traded hands, compared to its average volume of 537,139. The company has a quick ratio of 7.09, a current ratio of 8.42 and a debt-to-equity ratio of 12.35. The firm’s 50-day simple moving average is $11.88 and its 200-day simple moving average is $9.55. Cytokinetics has a one year low of $5.75 and a one year high of $14.25. The company has a market cap of $741.11 million, a PE ratio of -6.80 and a beta of 1.66.

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 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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Earnings History and Estimates for Cytokinetics (NASDAQ:CYTK)

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