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. “
A number of other research firms have also weighed in on CYTK. ValuEngine lowered shares of Cytokinetics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price target (up from $14.00) on shares of Cytokinetics in a research report on Friday, September 6th. JMP Securities set a $23.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a research report on Friday, September 13th. Needham & Company LLC reissued a “buy” rating and set a $16.00 price target on shares of Cytokinetics in a research report on Friday, October 4th. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $20.00 price target (up from $14.00) on shares of Cytokinetics in a research report on Monday, September 16th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Cytokinetics presently has an average rating of “Buy” and an average price target of $18.71.
Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.06). Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 575.21%. The firm had revenue of $7.14 million for the quarter, compared to the consensus estimate of $6.81 million. Equities research analysts anticipate that Cytokinetics will post -2.07 earnings per share for the current fiscal year.
In other Cytokinetics news, CEO Robert I. Blum sold 6,000 shares of Cytokinetics stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $12.74, for a total value of $76,440.00. Following the sale, the chief executive officer now owns 244,022 shares of the company’s stock, valued at $3,108,840.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 22,500 shares of company stock worth $276,885. Insiders own 5.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. bought a new stake in shares of Cytokinetics in the third quarter valued at approximately $689,000. State of Alaska Department of Revenue raised its position in shares of Cytokinetics by 129.9% in the third quarter. State of Alaska Department of Revenue now owns 45,075 shares of the biopharmaceutical company’s stock valued at $512,000 after purchasing an additional 25,467 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Cytokinetics in the second quarter valued at approximately $2,203,000. Cubist Systematic Strategies LLC bought a new stake in shares of Cytokinetics in the second quarter valued at approximately $348,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Cytokinetics in the second quarter valued at approximately $6,829,000. 76.17% of the stock is currently owned by institutional investors and hedge funds.
Cytokinetics Company Profile
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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