Cantor Fitzgerald restated their buy rating on shares of Cytokinetics (NASDAQ:CYTK) in a research note released on Wednesday morning. Cantor Fitzgerald currently has a $14.00 price target on the biopharmaceutical company’s stock.
“We have an Overweight rating based on ome’ in chronic HF and relde’ in SMA & ALS. For ome’, GALACTIC-HF data are expected in 2021, with interim reads in ’19 (futility) and ’20 (efficacy) that may lead to milestone payments to CYTK. Recent relde’ P2 data in SMA showed clinical benefit in 6MWD & MEP which enhances PoS in Type III SMA in our view. With VITALITY-ALS lessons learned & SMA PoC in hand, we are cautiously optimistic on relde’ prospects and believe investors may be overlooking potential value creation within the next 12 months.”,” Cantor Fitzgerald’s analyst wrote.
A number of other research analysts also recently weighed in on the company. HC Wainwright reissued a buy rating and issued a $21.00 price objective on shares of Cytokinetics in a research note on Tuesday, November 27th. BidaskClub raised Cytokinetics from a hold rating to a buy rating in a research note on Friday, November 23rd. ValuEngine raised Cytokinetics from a hold rating to a buy rating in a research note on Wednesday, November 21st. Finally, Zacks Investment Research raised Cytokinetics from a sell rating to a hold rating and set a $8.00 price objective on the stock in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Cytokinetics has an average rating of Buy and an average price target of $12.83.
Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.11. The company had revenue of $10.64 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, equities analysts forecast that Cytokinetics will post -1.96 EPS for the current fiscal year.
In related news, CEO Robert I. Blum sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $7.11, for a total value of $28,440.00. Following the transaction, the chief executive officer now directly owns 156,022 shares of the company’s stock, valued at approximately $1,109,316.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 16,500 shares of company stock worth $128,400 over the last three months. 5.10% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Cytokinetics by 9.5% in the 3rd quarter. BlackRock Inc. now owns 8,698,387 shares of the biopharmaceutical company’s stock valued at $85,680,000 after acquiring an additional 754,593 shares in the last quarter. Vanguard Group Inc. increased its position in Cytokinetics by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,443,358 shares of the biopharmaceutical company’s stock worth $33,917,000 after buying an additional 27,868 shares during the period. FMR LLC increased its position in Cytokinetics by 3.7% in the 3rd quarter. FMR LLC now owns 1,956,383 shares of the biopharmaceutical company’s stock worth $19,271,000 after buying an additional 70,631 shares during the period. Wasatch Advisors Inc. increased its position in Cytokinetics by 3.4% in the 3rd quarter. Wasatch Advisors Inc. now owns 1,892,592 shares of the biopharmaceutical company’s stock worth $18,642,000 after buying an additional 62,543 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Cytokinetics by 5.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 581,465 shares of the biopharmaceutical company’s stock worth $5,727,000 after buying an additional 29,923 shares during the period. 70.47% 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 as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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