B. Riley Issues Optimistic Outlook for Cytokinetics Earnings

Cytokinetics, Incorporated (NASDAQ:CYTK) – Stock analysts at B. Riley raised their FY2024 earnings per share (EPS) estimates for Cytokinetics in a research note issued on Wednesday, February 5th. B. Riley analyst M. Mamtani now expects that the biopharmaceutical company will earn ($5.30) per share for the year, up from their prior forecast of ($5.60). The consensus estimate for Cytokinetics’ current full-year earnings is ($5.25) per share. B. Riley also issued estimates for Cytokinetics’ Q4 2024 earnings at ($1.30) EPS, FY2025 earnings at ($5.30) EPS, FY2026 earnings at ($5.20) EPS, FY2027 earnings at ($4.20) EPS, FY2028 earnings at ($2.20) EPS and FY2029 earnings at $1.10 EPS.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $1.21 million. The firm’s revenue was up 22.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.35) earnings per share.

Several other brokerages also recently commented on CYTK. Stifel Nicolaus began coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday. JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Tuesday, January 21st. Finally, Royal Bank of Canada raised their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.79.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $46.17 on Friday. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of -8.58 and a beta of 0.83. The firm’s 50-day moving average price is $48.50 and its two-hundred day moving average price is $52.51. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 1-year low of $44.49 and a 1-year high of $81.36.

Institutional Trading of Cytokinetics

Large investors have recently made changes to their positions in the company. Jones Financial Companies Lllp grew its stake in Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 374 shares during the period. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at approximately $29,000. Blue Trust Inc. increased its stake in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new stake in Cytokinetics during the 3rd quarter worth approximately $54,000.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $50.76, for a total value of $253,800.00. Following the completion of the sale, the chief executive officer now owns 397,678 shares of the company’s stock, valued at approximately $20,186,135.28. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.06, for a total transaction of $96,120.00. Following the completion of the sale, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,578,372.26. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,464 shares of company stock valued at $2,025,686 in the last 90 days. 3.40% of the stock is owned by company insiders.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.