Cytokinetics (NASDAQ:CYTK) Downgraded by Zacks Investment Research to Sell

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Zacks Investment Research lowered shares of Cytokinetics (NASDAQ:CYTK) from a hold rating to a sell rating in a research note released on Tuesday, Zacks.com reports.

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. “

A number of other analysts have also recently issued reports on the company. Needham & Company LLC set a $16.00 price objective on Cytokinetics and gave the company a buy rating in a research report on Friday, August 9th. Piper Jaffray Companies set a $14.00 price objective on Cytokinetics and gave the company a buy rating in a research report on Monday, July 15th. ValuEngine raised Cytokinetics from a buy rating to a strong-buy rating in a research report on Friday, May 10th. HC Wainwright lifted their price objective on Cytokinetics from $21.00 to $26.00 and gave the company a buy rating in a research report on Monday, May 6th. Finally, Cantor Fitzgerald reissued a buy rating and set a $14.00 price objective on shares of Cytokinetics in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $16.00.

Shares of CYTK stock opened at $13.09 on Tuesday. Cytokinetics has a 1-year low of $5.75 and a 1-year high of $14.25. The company has a quick ratio of 7.09, a current ratio of 7.09 and a debt-to-equity ratio of 12.35. The stock has a market capitalization of $779.82 million, a P/E ratio of -6.71 and a beta of 1.66. The company’s fifty day simple moving average is $11.77.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.06). The firm had revenue of $7.14 million for the quarter, compared to analyst estimates of $6.81 million. Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 405.45%. On average, analysts anticipate that Cytokinetics will post -1.85 EPS for the current fiscal year.

In other Cytokinetics news, CEO Robert I. Blum sold 6,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $10.94, for a total value of $65,640.00. Following the completion of the sale, the chief executive officer now owns 256,022 shares of the company’s stock, valued at $2,800,880.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 16,500 shares of company stock valued at $176,535. Insiders own 5.70% of the company’s stock.

Several large investors have recently made changes to their positions in CYTK. Bank of New York Mellon Corp lifted its position in Cytokinetics by 1.7% during the fourth quarter. Bank of New York Mellon Corp now owns 591,609 shares of the biopharmaceutical company’s stock worth $3,738,000 after buying an additional 10,144 shares during the period. Geode Capital Management LLC lifted its position in Cytokinetics by 13.8% during the fourth quarter. Geode Capital Management LLC now owns 585,543 shares of the biopharmaceutical company’s stock worth $3,700,000 after buying an additional 70,954 shares during the period. Bank of America Corp DE lifted its position in Cytokinetics by 303.8% during the fourth quarter. Bank of America Corp DE now owns 43,462 shares of the biopharmaceutical company’s stock worth $275,000 after buying an additional 32,699 shares during the period. Squarepoint Ops LLC lifted its position in Cytokinetics by 14.2% during the fourth quarter. Squarepoint Ops LLC now owns 11,600 shares of the biopharmaceutical company’s stock worth $73,000 after buying an additional 1,438 shares during the period. Finally, Metropolitan Life Insurance Co. NY lifted its position in Cytokinetics by 455.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 15,946 shares of the biopharmaceutical company’s stock worth $101,000 after buying an additional 13,073 shares during the period. 69.44% of the stock is owned by institutional investors.

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 in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.

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