Cytokinetics’ (CYTK) Overweight Rating Reaffirmed at Piper Jaffray Companies

Piper Jaffray Companies reiterated their overweight rating on shares of Cytokinetics (NASDAQ:CYTK) in a report released on Monday morning, The Fly reports. Piper Jaffray Companies currently has a $20.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $14.00.

Several other equities analysts have also recently weighed in on the stock. BidaskClub cut shares of Cytokinetics from a strong-buy rating to a buy rating in a research note on Friday, August 16th. Needham & Company LLC set a $16.00 target price on shares of Cytokinetics and gave the company a buy rating in a research note on Friday, August 9th. Zacks Investment Research raised shares of Cytokinetics from a sell rating to a hold rating in a research note on Thursday, September 12th. JMP Securities set a $23.00 target price on shares of Cytokinetics and gave the company a buy rating in a research note on Friday, September 13th. Finally, Morgan Stanley set a $16.00 target price on shares of Cytokinetics and gave the company a hold rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $18.71.

Shares of CYTK stock opened at $13.17 on Monday. The company has a market capitalization of $776.34 million, a price-to-earnings ratio of -6.75 and a beta of 1.64. Cytokinetics has a one year low of $5.75 and a one year high of $14.94. The company’s fifty day moving average price is $13.30 and its 200-day moving average price is $10.53. The company has a debt-to-equity ratio of 12.35, a current ratio of 8.42 and a quick ratio of 8.42.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($0.06). The firm had revenue of $7.14 million for the quarter, compared to the consensus estimate of $6.81 million. Cytokinetics had a negative net margin of 308.73% and a negative return on equity of 575.21%. Equities research analysts expect that Cytokinetics will post -2 earnings per share for the current fiscal year.

In related news, CEO Robert I. Blum sold 6,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $12.74, for a total transaction of $76,440.00. Following the completion of the transaction, the chief executive officer now directly owns 244,022 shares of the company’s stock, valued at $3,108,840.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 22,500 shares of company stock valued at $275,625 over the last ninety days. 5.70% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in Cytokinetics by 109.5% during the first quarter. Bank of Montreal Can now owns 3,321 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 1,736 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Cytokinetics by 59,718.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,571 shares of the biopharmaceutical company’s stock worth $77,000 after buying an additional 9,555 shares in the last quarter. Meeder Asset Management Inc. grew its stake in shares of Cytokinetics by 404.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 9,994 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 8,011 shares in the last quarter. Aperio Group LLC purchased a new position in shares of Cytokinetics in the 2nd quarter worth $183,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Cytokinetics in the 1st quarter worth $133,000. 74.57% 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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