BidaskClub Downgrades Cytokinetics (CYTK) to Hold

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Cytokinetics (NASDAQ:CYTK) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

A number of other brokerages have also recently weighed in on CYTK. Cantor Fitzgerald restated a “buy” rating and set a $14.00 price objective on shares of Cytokinetics in a research note on Wednesday, October 3rd. Morgan Stanley cut Cytokinetics from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $18.00 to $9.00 in a research note on Wednesday, August 1st. ValuEngine cut Cytokinetics from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. HC Wainwright set a $24.00 price objective on Cytokinetics and gave the stock a “buy” rating in a research note on Friday, July 27th. Finally, Zacks Investment Research cut Cytokinetics from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $13.00.

Shares of CYTK stock opened at $7.14 on Friday. Cytokinetics has a twelve month low of $6.20 and a twelve month high of $14.77. The firm has a market capitalization of $396.60 million, a price-to-earnings ratio of -2.72 and a beta of 1.41. The company has a debt-to-equity ratio of 0.41, a current ratio of 8.95 and a quick ratio of 8.95.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.51). The firm had revenue of $6.22 million during the quarter, compared to analysts’ expectations of $5.54 million. As a group, equities analysts forecast that Cytokinetics will post -2.06 EPS for the current year.

In related news, CEO Robert I. Blum sold 4,000 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $7.94, for a total transaction of $31,760.00. Following the completion of the sale, the chief executive officer now directly owns 164,022 shares in the company, valued at approximately $1,302,334.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 16,500 shares of company stock valued at $129,505 over the last 90 days. 5.10% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the stock. UBS Group AG increased its position in Cytokinetics by 226.7% during the 1st quarter. UBS Group AG now owns 54,910 shares of the biopharmaceutical company’s stock valued at $396,000 after buying an additional 38,105 shares in the last quarter. Principal Financial Group Inc. increased its position in Cytokinetics by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 397,603 shares of the biopharmaceutical company’s stock valued at $2,863,000 after buying an additional 9,786 shares in the last quarter. JPMorgan Chase & Co. increased its position in Cytokinetics by 28.6% during the 1st quarter. JPMorgan Chase & Co. now owns 112,399 shares of the biopharmaceutical company’s stock valued at $809,000 after buying an additional 25,014 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in Cytokinetics during the 1st quarter valued at about $350,000. Finally, DRW Securities LLC increased its position in Cytokinetics by 91.4% during the 2nd quarter. DRW Securities LLC now owns 26,797 shares of the biopharmaceutical company’s stock valued at $222,000 after buying an additional 12,797 shares in the last quarter. 68.39% of the stock is currently owned by institutional investors.

About Cytokinetics

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.

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