Cytokinetics (NASDAQ:CYTK) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Cytokinetics (NASDAQ:CYTK) from an equal weight rating to an overweight rating in a report issued on Thursday morning,Benzinga reports. Morgan Stanley currently has $67.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $70.00.

A number of other equities research analysts have also recently issued reports on CYTK. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Royal Bank of Canada raised their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Mizuho raised their price target on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.00.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $41.62 on Thursday. The firm has a market capitalization of $4.91 billion, a PE ratio of -7.74 and a beta of 0.83. The business’s 50-day moving average price is $47.61 and its 200-day moving average price is $51.96. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. Cytokinetics has a 12 month low of $40.53 and a 12 month high of $81.36.

Insider Activity

In related news, Director Wendall Wierenga sold 742 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $48.61, for a total value of $36,068.62. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. This trade represents a 2.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $50.16, for a total transaction of $366,168.00. Following the transaction, the executive vice president now directly owns 111,878 shares in the company, valued at $5,611,800.48. This represents a 6.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,122 shares of company stock valued at $1,654,806 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Creative Planning raised its holdings in Cytokinetics by 50.5% during the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock valued at $1,250,000 after acquiring an additional 7,939 shares during the period. Blue Trust Inc. grew its position in shares of Cytokinetics by 225.9% during the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Cytokinetics by 6.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after purchasing an additional 5,487 shares during the period. International Assets Investment Management LLC purchased a new position in Cytokinetics in the 3rd quarter worth approximately $558,000. Finally, Values First Advisors Inc. bought a new position in Cytokinetics in the 3rd quarter worth approximately $54,000.

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.