Cytokinetics (CYTK) Hits New 12-Month High at $10.77

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Shares of Cytokinetics, Inc. (NASDAQ:CYTK) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $10.77 and last traded at $10.58, with a volume of 11099 shares changing hands. The stock had previously closed at $10.43.

A number of brokerages have issued reports on CYTK. ValuEngine lowered Cytokinetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 30th. Zacks Investment Research downgraded shares of Cytokinetics from a “buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub upgraded shares of Cytokinetics from a “hold” rating to a “buy” rating in a research note on Friday, April 26th. HC Wainwright reiterated a “buy” rating and set a $21.00 target price on shares of Cytokinetics in a research note on Tuesday, March 19th. Finally, Piper Jaffray Companies boosted their target price on shares of Cytokinetics from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $14.60.

The company has a debt-to-equity ratio of 12.35, a quick ratio of 7.09 and a current ratio of 7.09. The company has a market capitalization of $606.64 million, a P/E ratio of -5.39 and a beta of 2.05.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.07). The firm had revenue of $8.46 million for the quarter, compared to analyst estimates of $6.21 million. Cytokinetics had a negative return on equity of 269.27% and a negative net margin of 303.70%. As a group, research analysts expect that Cytokinetics, Inc. will post -1.82 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Texas Permanent School Fund lifted its position in Cytokinetics by 3.8% in the 1st quarter. Texas Permanent School Fund now owns 37,148 shares of the biopharmaceutical company’s stock valued at $301,000 after purchasing an additional 1,346 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Cytokinetics by 4.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 31,401 shares of the biopharmaceutical company’s stock worth $255,000 after purchasing an additional 1,412 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of Cytokinetics by 14.2% in the 4th quarter. Squarepoint Ops LLC now owns 11,600 shares of the biopharmaceutical company’s stock worth $73,000 after purchasing an additional 1,438 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Cytokinetics by 9.4% in the 4th quarter. State of Alaska Department of Revenue now owns 18,233 shares of the biopharmaceutical company’s stock worth $115,000 after purchasing an additional 1,564 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in shares of Cytokinetics by 5.2% in the 1st quarter. State of Tennessee Treasury Department now owns 34,831 shares of the biopharmaceutical company’s stock worth $281,000 after purchasing an additional 1,723 shares in the last quarter. Institutional investors own 71.99% of the company’s stock.

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About Cytokinetics (NASDAQ:CYTK)

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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