Cytokinetics, Incorporated (NASDAQ:CYTK) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report issued on Monday.
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. “
Several other research firms have also recently weighed in on CYTK. Rodman & Renshaw reiterated a “buy” rating and set a $25.00 price objective on shares of Cytokinetics, in a report on Thursday, March 23rd. ValuEngine upgraded Cytokinetics, from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded Cytokinetics, from a “sell” rating to a “hold” rating in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics, in a report on Friday, May 19th. Finally, Cowen and Company reiterated an “outperform” rating and set a $19.00 price objective (up previously from $17.00) on shares of Cytokinetics, in a report on Saturday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $20.40.
Shares of Cytokinetics, (NASDAQ CYTK) traded up 0.36% during trading on Monday, hitting $13.90. The stock had a trading volume of 357,161 shares. The company has a market capitalization of $626.65 million, a price-to-earnings ratio of 187.84 and a beta of 1.97. Cytokinetics, has a 1-year low of $8.51 and a 1-year high of $17.20. The firm has a 50 day moving average of $13.99 and a 200 day moving average of $12.72.
In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics, stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $13.62, for a total value of $68,100.00. Following the sale, the chief executive officer now owns 94,785 shares of the company’s stock, valued at approximately $1,290,971.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.20% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue bought a new position in Cytokinetics, during the second quarter valued at $109,000. LMR Partners LLP bought a new position in Cytokinetics, during the first quarter valued at $156,000. Bank of America Corp DE raised its position in Cytokinetics, by 36.8% in the first quarter. Bank of America Corp DE now owns 12,571 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 3,383 shares during the period. Parametric Portfolio Associates LLC raised its position in Cytokinetics, by 1.4% in the first quarter. Parametric Portfolio Associates LLC now owns 13,333 shares of the biopharmaceutical company’s stock valued at $171,000 after buying an additional 189 shares during the period. Finally, UBS Group AG raised its position in Cytokinetics, by 16.9% in the first quarter. UBS Group AG now owns 14,281 shares of the biopharmaceutical company’s stock valued at $183,000 after buying an additional 2,060 shares during the period. 58.58% of the stock is currently owned by hedge funds and other institutional investors.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is 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 declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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