Cytokinetics (NASDAQ:CYTK) Trading Up 4.9% – Time to Buy?

Cytokinetics, Incorporated (NASDAQ:CYTK) shares traded up 4.9% on Friday . The stock traded as high as $44.71 and last traded at $45.20. 314,826 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 1,460,626 shares. The stock had previously closed at $43.10.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Royal Bank of Canada increased their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Citigroup assumed coverage on shares of Cytokinetics in a report on Friday, February 7th. They issued a “buy” rating and a $86.00 target price on the stock. Morgan Stanley set a $67.00 target price on shares of Cytokinetics in a report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a report on Friday, February 28th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Stock Up 6.7 %

The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm’s 50 day simple moving average is $45.99 and its 200-day simple moving average is $50.04. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -8.56 and a beta of 0.95.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. Equities analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total value of $98,640.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andrew Callos sold 3,341 shares of Cytokinetics stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.27, for a total transaction of $144,565.07. Following the sale, the executive vice president now directly owns 64,434 shares of the company’s stock, valued at $2,788,059.18. The trade was a 4.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,834 shares of company stock worth $1,949,275. Insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several hedge funds and other institutional investors have recently bought and sold shares of CYTK. Deep Track Capital LP raised its stake in Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after purchasing an additional 1,870,094 shares in the last quarter. Capital International Investors acquired a new position in shares of Cytokinetics in the 4th quarter valued at approximately $51,564,000. T. Rowe Price Investment Management Inc. raised its position in shares of Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock valued at $505,780,000 after buying an additional 1,062,136 shares in the last quarter. Norges Bank acquired a new position in shares of Cytokinetics in the 4th quarter valued at approximately $46,556,000. Finally, Vestal Point Capital LP raised its position in shares of Cytokinetics by 56.7% in the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after buying an additional 850,000 shares in the last quarter.

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.