Cytokinetics (CYTK) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a buy rating in a research note issued to investors on Monday. Zacks Investment Research currently has $7.75 target price on the biopharmaceutical company’s stock.

According to Zacks, “Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or deteriorating. With an unmatched understanding of muscle biology and mechanics of muscle performance, the company is developing small molecule drug candidates engineered to increase muscle function and contractility. Cytokinetics’ lead drug candidate is tirasemtiv, a fast skeletal muscle activator, for the potential treatment of ALS. Tirasemtiv has been granted orphan drug designation and fast track status by the FDA and orphan medicinal product designation by the EMA. Cytokinetics is collaborating with Amgen Inc. to develop omecamtiv mecarbil, a novel cardiac muscle activator, for the potential treatment of heart failure, and with Astellas Pharma Inc. to develop CK-2127107, a fast skeletal muscle activator, for the potential treatment of spinal muscular atrophy. “

Several other equities analysts also recently weighed in on CYTK. BidaskClub upgraded shares of Cytokinetics from a buy rating to a strong-buy rating in a report on Friday, September 28th. Cantor Fitzgerald reiterated a buy rating and set a $14.00 price target on shares of Cytokinetics in a report on Wednesday, October 3rd. ValuEngine upgraded shares of Cytokinetics from a hold rating to a buy rating in a report on Wednesday, October 3rd. Morgan Stanley set a $10.00 price target on shares of Cytokinetics and gave the stock a hold rating in a report on Friday, October 5th. Finally, HC Wainwright lowered their price target on shares of Cytokinetics from $24.00 to $21.00 and set a buy rating for the company in a report on Friday, October 5th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Cytokinetics presently has a consensus rating of Buy and an average price target of $12.79.

NASDAQ:CYTK traded up $0.03 during mid-day trading on Monday, hitting $6.74. 1,977 shares of the company’s stock traded hands, compared to its average volume of 377,160. The company has a current ratio of 10.57, a quick ratio of 10.58 and a debt-to-equity ratio of 0.73. Cytokinetics has a 1 year low of $5.90 and a 1 year high of $10.26. The company has a market capitalization of $366.56 million, a P/E ratio of -2.60 and a beta of 2.05.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.11. The business had revenue of $10.64 million for the quarter, compared to analysts’ expectations of $2.23 million. On average, equities research analysts predict that Cytokinetics will post -1.95 earnings per share for the current year.

In other news, CEO Robert I. Blum sold 4,000 shares of Cytokinetics stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $7.50, for a total transaction of $30,000.00. Following the completion of the sale, the chief executive officer now directly owns 152,022 shares in the company, valued at $1,140,165. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 16,500 shares of company stock valued at $118,935. Insiders own 5.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CYTK. Jefferies Group LLC purchased a new stake in shares of Cytokinetics during the third quarter worth about $110,000. Virtu Financial LLC purchased a new stake in shares of Cytokinetics during the third quarter worth about $111,000. State of Alaska Department of Revenue grew its holdings in shares of Cytokinetics by 9.4% during the fourth quarter. State of Alaska Department of Revenue now owns 18,233 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 1,564 shares in the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of Cytokinetics by 57.9% during the third quarter. MetLife Investment Advisors LLC now owns 29,553 shares of the biopharmaceutical company’s stock worth $291,000 after buying an additional 10,837 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in shares of Cytokinetics by 12.0% during the third quarter. Teachers Advisors LLC now owns 94,046 shares of the biopharmaceutical company’s stock worth $926,000 after buying an additional 10,081 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

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.

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