Morgan Stanley Reiterates $16.00 Price Target for Cytokinetics (NASDAQ:CYTK)

Morgan Stanley set a $16.00 price target on Cytokinetics (NASDAQ:CYTK) in a report published on Friday, TipRanks reports. The firm currently has a hold rating on the biopharmaceutical company’s stock.

CYTK has been the subject of a number of other reports. BidaskClub upgraded shares of Cytokinetics from a buy rating to a strong-buy rating in a report on Saturday. ValuEngine upgraded shares of Cytokinetics from a buy rating to a strong-buy rating in a report on Friday, May 10th. Zacks Investment Research lowered shares of Cytokinetics from a hold rating to a sell rating in a report on Tuesday, July 9th. Cantor Fitzgerald reiterated a buy rating and set a $14.00 price target on shares of Cytokinetics in a report on Friday, May 10th. Finally, Piper Jaffray Companies set a $14.00 price objective on shares of Cytokinetics and gave the company a buy rating in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $16.00.

NASDAQ:CYTK traded down $0.19 during midday trading on Friday, reaching $13.32. 309,691 shares of the stock traded hands, compared to its average volume of 520,058. The business has a fifty day moving average of $11.60. Cytokinetics has a 12 month low of $5.75 and a 12 month 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 firm has a market capitalization of $786.74 million, a PE ratio of -6.83 and a beta of 1.66.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.06). Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 405.45%. The firm had revenue of $7.14 million for the quarter, compared to the consensus estimate of $6.81 million. As a group, analysts forecast 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 on Monday, July 15th. The shares were sold at an average price of $10.94, for a total transaction of $65,640.00. Following the transaction, the chief executive officer now directly owns 256,022 shares of the company’s stock, valued at approximately $2,800,880.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 16,500 shares of company stock worth $176,535. Insiders own 5.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of CYTK. Bank of New York Mellon Corp grew its position in shares of Cytokinetics by 1.7% in the 4th 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 grew its position in shares of Cytokinetics by 13.8% in the 4th 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 grew its position in Cytokinetics by 303.8% during the 4th quarter. Bank of America Corp DE now owns 43,462 shares of the biopharmaceutical company’s stock valued at $275,000 after purchasing an additional 32,699 shares during the last quarter. Squarepoint Ops LLC grew its position in Cytokinetics by 14.2% during the 4th quarter. Squarepoint Ops LLC now owns 11,600 shares of the biopharmaceutical company’s stock valued at $73,000 after purchasing an additional 1,438 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its position in Cytokinetics by 455.0% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 15,946 shares of the biopharmaceutical company’s stock valued at $101,000 after purchasing an additional 13,073 shares during the last quarter. 69.23% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Cytokinetics (NASDAQ:CYTK)

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