Cytokinetics (NASDAQ:CYTK) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Cytokinetics (NASDAQ:CYTK) issued its earnings results on Thursday. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03, Zacks reports. The company had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million.

Cytokinetics Price Performance

Shares of CYTK opened at $47.45 on Friday. Cytokinetics has a fifty-two week low of $40.53 and a fifty-two week high of $75.71. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -8.82 and a beta of 0.83. The firm has a 50-day simple moving average of $47.28 and a 200-day simple moving average of $51.36. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CYTK shares. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Royal Bank of Canada boosted their target price on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Mizuho upped their price objective on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Friday. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Insider Transactions at Cytokinetics

In related news, Director Wendall Wierenga sold 742 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $48.61, for a total transaction of $36,068.62. Following the completion of the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at $1,193,812.99. This represents a 2.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $50.76, for a total transaction of $253,800.00. Following the transaction, the chief executive officer now directly owns 397,678 shares of the company’s stock, valued at $20,186,135.28. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,822 shares of company stock worth $1,127,848. Company insiders own 3.40% of the company’s stock.

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. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.