Cytokinetics (NASDAQ:CYTK) Announces Earnings Results, Misses Expectations By $0.17 EPS

Cytokinetics (NASDAQ:CYTK) announced its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17), Briefing.com reports. The business had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. During the same quarter last year, the business posted ($1.38) earnings per share. The firm’s quarterly revenue was down 81.8% compared to the same quarter last year.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded down $0.95 during trading on Thursday, reaching $64.32. The company had a trading volume of 1,346,789 shares, compared to its average volume of 2,725,822. The company has a market cap of $6.73 billion, a price-to-earnings ratio of -11.86 and a beta of 0.72. The firm’s fifty day moving average is $67.82 and its 200-day moving average is $61.66. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CYTK. Truist Financial restated a “buy” rating and set a $86.00 target price on shares of Cytokinetics in a report on Monday, April 8th. HC Wainwright reiterated a “buy” rating and set a $94.00 target price on shares of Cytokinetics in a report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $108.00 price target on shares of Cytokinetics in a report on Thursday. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. Finally, JMP Securities reduced their target price on shares of Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.60.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 15,547 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the sale, the executive vice president now owns 137,056 shares in the company, valued at $8,923,716.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the transaction, the executive vice president now owns 137,056 shares in the company, valued at $8,923,716.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders sold 96,318 shares of company stock worth $6,701,940 in the last quarter. 3.40% of the stock is owned by company insiders.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.