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. “
Other research analysts have also issued research reports about the company. HC Wainwright lifted their price target on Cytokinetics from $22.00 to $41.00 and gave the stock a buy rating in a research report on Wednesday, January 20th. Needham & Company LLC reiterated a buy rating and issued a $33.00 price target on shares of Cytokinetics in a research report on Monday, November 16th. The Goldman Sachs Group began coverage on Cytokinetics in a research report on Wednesday, October 28th. They issued a neutral rating and a $16.00 price target for the company. Morgan Stanley lifted their price target on Cytokinetics from $22.00 to $24.00 and gave the stock an overweight rating in a research report on Wednesday, December 16th. Finally, Mizuho decreased their price objective on shares of Cytokinetics from $31.00 to $26.00 and set a buy rating for the company in a research note on Monday, December 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $32.20.
Shares of Cytokinetics stock opened at $23.75 on Monday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -12.43 and a beta of 1.45. The business has a 50-day moving average price of $20.61 and a 200-day moving average price of $20.26. The company has a quick ratio of 15.17, a current ratio of 15.18 and a debt-to-equity ratio of 0.90. Cytokinetics has a twelve month low of $8.00 and a twelve month high of $30.14.
In related news, Director L Patrick Gage sold 7,716 shares of Cytokinetics stock in a transaction that occurred on Tuesday, December 15th. The shares were sold at an average price of $21.00, for a total transaction of $162,036.00. Following the transaction, the director now directly owns 28,520 shares of the company’s stock, valued at $598,920. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Friday, December 4th. The shares were sold at an average price of $17.36, for a total transaction of $86,800.00. The disclosure for this sale can be found here. Insiders have sold 484,311 shares of company stock valued at $8,792,447 in the last ninety days. Insiders own 6.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of CYTK. BlackRock Inc. increased its holdings in Cytokinetics by 14.9% during the third quarter. BlackRock Inc. now owns 10,759,951 shares of the biopharmaceutical company’s stock valued at $232,952,000 after buying an additional 1,398,262 shares during the period. Point72 Asset Management L.P. grew its holdings in Cytokinetics by 389.3% in the third quarter. Point72 Asset Management L.P. now owns 1,606,350 shares of the biopharmaceutical company’s stock worth $34,777,000 after purchasing an additional 1,278,073 shares during the last quarter. State Street Corp grew its holdings in Cytokinetics by 24.3% in the third quarter. State Street Corp now owns 3,780,260 shares of the biopharmaceutical company’s stock worth $81,843,000 after purchasing an additional 739,228 shares during the last quarter. Vivo Capital LLC purchased a new position in Cytokinetics in the third quarter worth $15,155,000. Finally, Peregrine Capital Management LLC purchased a new position in Cytokinetics in the fourth quarter worth $11,547,000. 97.13% of the stock is currently owned by institutional investors.
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 is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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