ValuEngine Upgrades Cytokinetics (CYTK) to “Purchase”

ValuEngine Upgrades Cytokinetics (CYTK) to “Purchase”

ValuEngine upgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a buy rating in a report issued on Thursday, November 8th.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed a buy rating and set a $14.00 price objective on shares of Cytokinetics in a research report on Wednesday, October 3rd. HC Wainwright set a $24.00 price objective on shares of Cytokinetics and gave the stock a buy rating in a research report on Friday, July 27th. Zacks Investment Research raised shares of Cytokinetics from a hold rating to a buy rating and set a $10.00 price objective for the company in a research report on Saturday, July 14th. BidaskClub raised shares of Cytokinetics from a hold rating to a buy rating in a research report on Saturday, September 8th. Finally, Morgan Stanley started coverage on shares of Cytokinetics in a research report on Monday, September 10th. They issued an equal weight rating and a $10.00 price target for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Cytokinetics currently has an average rating of Buy and a consensus target price of $12.83.

Cytokinetics stock traded up $0.20 during mid-day trading on Thursday, hitting $7.86. 281,791 shares of the stock were exchanged, compared to its average volume of 454,327. The firm has a market cap of $430.03 million, a price-to-earnings ratio of -3.03 and a beta of 1.98. Cytokinetics has a 12 month low of $6.02 and a 12 month high of $10.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 10.58 and a current ratio of 10.57.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.11. The company had revenue of $10.64 million for the quarter, compared to analyst estimates of $2.23 million. As a group, equities research analysts predict that Cytokinetics will post -1.96 EPS for the current fiscal year.

In related news, CEO Robert I. Blum sold 4,000 shares of Cytokinetics stock in a transaction on Friday, October 5th. The shares were sold at an average price of $8.79, for a total value of $35,160.00. Following the completion of the sale, the chief executive officer now owns 160,022 shares of the company’s stock, valued at approximately $1,406,593.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 16,500 shares of company stock valued at $131,090. 5.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CYTK. BlackRock Inc. boosted its holdings in Cytokinetics by 9.5% during the 3rd quarter. BlackRock Inc. now owns 8,698,387 shares of the biopharmaceutical company’s stock worth $85,680,000 after acquiring an additional 754,593 shares during the last quarter. Millennium Management LLC boosted its holdings in Cytokinetics by 351.9% during the 2nd quarter. Millennium Management LLC now owns 461,733 shares of the biopharmaceutical company’s stock worth $3,832,000 after acquiring an additional 359,561 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cytokinetics by 233.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 229,377 shares of the biopharmaceutical company’s stock worth $2,259,000 after acquiring an additional 160,622 shares during the last quarter. Northern Trust Corp boosted its holdings in Cytokinetics by 16.7% during the 2nd quarter. Northern Trust Corp now owns 498,546 shares of the biopharmaceutical company’s stock worth $4,138,000 after acquiring an additional 71,418 shares during the last quarter. Finally, FMR LLC boosted its holdings in Cytokinetics by 3.7% during the 3rd quarter. FMR LLC now owns 1,956,383 shares of the biopharmaceutical company’s stock worth $19,271,000 after acquiring an additional 70,631 shares during the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

Read More: Institutional Investors

To view ValuEngine’s full report, visit ValuEngine’s official website.

Related posts

Leave a Comment