Citigroup Initiates Coverage on Cytokinetics (NASDAQ:CYTK)

Citigroup began coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research note published on Friday morning, Marketbeat.com reports. The firm issued a buy rating and a $86.00 price objective on the biopharmaceutical company’s stock.

Other equities analysts also recently issued reports about the company. JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Tuesday, January 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Mizuho raised their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Thursday, November 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 note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Cytokinetics Stock Performance

CYTK stock opened at $42.76 on Friday. Cytokinetics has a 1 year low of $42.72 and a 1 year high of $81.36. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of -7.95 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock’s fifty day moving average is $48.32 and its two-hundred day moving average is $52.41.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share 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. During the same quarter in the previous year, the company posted ($1.35) EPS. The firm’s revenue was up 22.5% compared to the same quarter last year. On average, research analysts predict that Cytokinetics will post -5.25 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $50.55, for a total transaction of $252,750.00. Following the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $20,091,400.80. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total value of $366,168.00. Following the completion of the sale, the executive vice president now directly owns 111,878 shares of the company’s stock, valued at approximately $5,611,800.48. This trade represents a 6.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,464 shares of company stock worth $2,025,686. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of the business. Louisiana State Employees Retirement System increased its holdings in shares of Cytokinetics by 0.6% in the 3rd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the biopharmaceutical company’s stock valued at $1,721,000 after purchasing an additional 200 shares during the period. UMB Bank n.a. lifted its position in Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 238 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 374 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Cytokinetics by 2.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,062 shares of the biopharmaceutical company’s stock valued at $795,000 after acquiring an additional 430 shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Cytokinetics by 0.4% in the third quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock worth $6,511,000 after acquiring an additional 538 shares during the last quarter.

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.