Q2 2024 Earnings Estimate for Cytokinetics, Incorporated (NASDAQ:CYTK) Issued By Leerink Partnrs

Cytokinetics, Incorporated (NASDAQ:CYTK) – Analysts at Leerink Partnrs increased their Q2 2024 EPS estimates for shares of Cytokinetics in a research note issued on Wednesday, May 22nd. Leerink Partnrs analyst R. Ruiz now expects that the biopharmaceutical company will earn ($1.05) per share for the quarter, up from their prior estimate of ($1.15). The consensus estimate for Cytokinetics’ current full-year earnings is ($4.55) per share. Leerink Partnrs also issued estimates for Cytokinetics’ Q3 2024 earnings at ($1.18) EPS, Q4 2024 earnings at ($1.27) EPS, FY2024 earnings at ($4.83) EPS, FY2025 earnings at ($3.20) EPS and FY2026 earnings at ($1.15) EPS.

A number of other research analysts have also recently issued reports on CYTK. Needham & Company LLC cut their price objective on Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a report on Thursday. HC Wainwright reduced their price target on shares of Cytokinetics from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday. Barclays decreased their price objective on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Bank of America reduced their target price on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Mizuho dropped their price target on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $77.47.

Cytokinetics Price Performance

Cytokinetics stock opened at $48.30 on Monday. The business has a 50 day simple moving average of $65.80 and a 200 day simple moving average of $63.94. Cytokinetics has a one year low of $25.98 and a one year high of $110.25. The company has a market capitalization of $5.06 billion, a PE ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. During the same period last year, the company posted ($1.38) EPS. The firm’s revenue for the quarter was down 81.8% on a year-over-year basis.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 15,547 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17. Following the transaction, the executive vice president now directly owns 137,056 shares in the company, valued at $8,923,716.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Fady Ibraham Malik sold 15,547 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 137,056 shares of the company’s stock, valued at $8,923,716.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Henderson sold 10,562 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,318 shares of company stock valued at $6,319,540. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC bought a new position in Cytokinetics in the 1st quarter valued at about $531,000. Zimmer Partners LP bought a new position in Cytokinetics in the first quarter valued at approximately $2,706,000. Comerica Bank increased its stake in Cytokinetics by 185.4% in the first quarter. Comerica Bank now owns 130,806 shares of the biopharmaceutical company’s stock valued at $9,171,000 after acquiring an additional 84,967 shares during the last quarter. Castleark Management LLC bought a new position in Cytokinetics in the first quarter valued at approximately $1,471,000. Finally, Murchinson Ltd. lifted its stake in Cytokinetics by 56.7% during the first quarter. Murchinson Ltd. now owns 108,795 shares of the biopharmaceutical company’s stock worth $7,628,000 after purchasing an additional 39,356 shares during the last quarter.

About Cytokinetics

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.