Cytokinetics (CYTK) Rating Lowered to Hold at ValuEngine

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Cytokinetics (NASDAQ:CYTK) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Thursday.

Several other equities research analysts also recently weighed in on CYTK. Cantor Fitzgerald reissued a “hold” rating and set a $10.00 price objective on shares of Cytokinetics in a report on Sunday, June 17th. Piper Jaffray Companies cut their price objective on Cytokinetics to $13.00 and set an “overweight” rating on the stock in a report on Monday, June 18th. HC Wainwright raised their price objective on Cytokinetics to $24.00 and gave the company a “buy” rating in a report on Monday, June 18th. BidaskClub raised Cytokinetics from a “hold” rating to a “buy” rating in a report on Saturday, July 7th. Finally, Zacks Investment Research raised Cytokinetics from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Saturday, July 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $13.00.

NASDAQ CYTK opened at $7.61 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 8.95 and a current ratio of 8.95. Cytokinetics has a twelve month low of $6.20 and a twelve month high of $15.85. The firm has a market cap of $538.09 million, a P/E ratio of -2.94 and a beta of 1.41.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.51). The firm had revenue of $6.22 million for the quarter, compared to analyst estimates of $5.54 million. On average, analysts forecast that Cytokinetics will post -2.03 earnings per share for the current fiscal year.

In related news, CEO Robert I. Blum sold 4,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $6.65, for a total transaction of $26,600.00. Following the completion of the transaction, the chief executive officer now directly owns 168,022 shares of the company’s stock, valued at approximately $1,117,346.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 16,500 shares of company stock valued at $129,505. 5.10% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Swiss National Bank raised its position in Cytokinetics by 13.7% during the 1st quarter. Swiss National Bank now owns 74,100 shares of the biopharmaceutical company’s stock worth $534,000 after purchasing an additional 8,900 shares during the last quarter. Principal Financial Group Inc. raised 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 worth $2,863,000 after purchasing an additional 9,786 shares during the last quarter. Rhumbline Advisers raised its position in Cytokinetics by 9.0% during the 2nd quarter. Rhumbline Advisers now owns 119,830 shares of the biopharmaceutical company’s stock worth $995,000 after purchasing an additional 9,918 shares during the last quarter. DRW Securities LLC raised 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 worth $222,000 after purchasing an additional 12,797 shares during the last quarter. Finally, Fox Run Management L.L.C. raised its position in Cytokinetics by 181.8% during the 2nd quarter. Fox Run Management L.L.C. now owns 31,627 shares of the biopharmaceutical company’s stock worth $263,000 after purchasing an additional 20,405 shares during the last quarter. 68.45% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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