– $ 0.75 in earnings per share expected for Cytokinetics, Incorporated (NASDAQ: CYTK) this quarter
Stock analysts expect Cytokinetics, Incorporated (NASDAQ: CYTK) to report earnings of ($ 0.75) per share for the current quarter, according to Zacks. Four analysts provided earnings estimates for Cytokinetics, with the highest EPS estimate at ($ 0.72) and the lowest estimate at ($ 0.77). Cytokinetics reported earnings per share of ($ 0.05) for the same quarter last year, indicating a negative year-over-year growth rate of 1,400%. The company is expected to report its next quarterly results on Wednesday, November 3.
According to Zacks, analysts expect Cytokinetics to report annual profit of ($ 2.97) per share for the current fiscal year, with EPS estimates ranging from ($ 3.18) to (2.85 $). For the next fiscal year, analysts expect the company to report earnings of ($ 2.89) per share, with EPS estimates ranging from ($ 3.58) to ($ 2.18). Zacks Investment Research’s EPS averages are an average based on a survey of seller-side research companies that track Cytokinetics.
Cytokinetics (NASDAQ: CYTK) last reported its results on Thursday, August 5. The biopharmaceutical company announced ($ 0.86) EPS for the quarter, missing the consensus estimate of ($ 0.66) of ($ 0.20). Cytokinetics had a negative net margin of 269.48% and a negative return on equity of 179.39%. The company posted revenue of $ 2.84 million for the quarter, compared to $ 5.68 million expected by analysts.
Several equity research analysts recently published reports on the company. Morgan Stanley increased its price target on Cytokinetics from $ 38.00 to $ 45.00 and rated the stock “overweight” in a research note on Friday. Piper Sandler reduced her price target on Cytokinetics from $ 42.00 to $ 40.00 and set an “overweight” rating for the company in a research note on Monday, August 9. Barclays raised its price target on Cytokinetics from $ 40.00 to $ 45.00 and rated the stock “overweight” in a research note on Tuesday, September 7. HC Wainwright reissued a “buy” note and issued a price target of $ 58.00 on shares of Cytokinetics in a research note Friday. Finally, Raymond James increased his price target on Cytokinetics from $ 37.00 to $ 54.00 and gave the stock an “outperformance” rating in a research note on Monday, July 19. Two equity research analysts rated the stock with a conservation rating and eleven gave the company’s stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $ 46.58.
In other Cytokinetics news, insider David Cragg sold 7,569 shares of the company in a trade that took place on Friday, October 1. The stock was sold for an average price of $ 35.14, for a total value of $ 265,974.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. Additionally, CEO Robert I. Blum sold 5,000 shares of the company in a transaction that took place on Thursday, July 22. The shares were sold for an average price of $ 29.82, for a total value of $ 149,100.00. Disclosure of this sale can be found here. In the past three months, insiders have sold 41,150 shares of the company valued at $ 1,281,831. 5.70% of the shares are currently owned by insiders.
A number of institutional investors and hedge funds have recently increased or reduced their holdings in CYTK. Prudential Financial Inc. increased its position in Cytokinetics shares by 0.6% in the 1st quarter. Prudential Financial Inc. now owns 80,815 shares of the biopharmaceutical company valued at $ 1,880,000 after acquiring 450 additional shares during the period. The New York State Common Retirement Fund increased its position in Cytokinetics shares by 0.9% in the 2nd quarter. The New York State Pooled Retirement Fund now owns 60,745 shares of the biopharmaceutical company valued at $ 1,202,000 after acquiring an additional 545 shares during the period. Sei Investments Co. increased its position in Cytokinetics shares by 1.9% in the 2nd quarter. Sei Investments Co. now owns 30,417 shares of the biopharmaceutical company valued at $ 593,000 after acquiring an additional 574 shares during the period. Mutual of America Capital Management LLC increased its position in Cytokinetics shares by 7.3% in Q1. Mutual of America Capital Management LLC now owns 9,497 shares of the biopharmaceutical company valued at $ 221,000 after acquiring 649 additional shares during the period. Finally, the Public Sector Pension Investment Board increased its position in Cytokinetics shares by 0.5% in the second quarter. The Public Sector Pension Investment Board now owns 146,592 shares of the biopharmaceutical company valued at $ 2,901,000 after acquiring an additional 660 shares during the period. 90.54% of the shares are currently held by hedge funds and other institutional investors.
NASDAQ CYTK shares traded down $ 0.84 at midday on Friday, reaching $ 38.01. 840,337 shares of the company traded hands, compared to its average volume of 1,198,723. Cytokinetics has a one-year low at $ 14.71 and a one-year high at $ 39.46. The stock has a market cap of $ 3.17 billion, a price-to-earnings ratio of -17.36 and a beta of 1.41. The company has a rapid ratio of 5.90, a current ratio of 5.90 and a debt ratio of 7.76. The company has a 50-day moving average of $ 32.70 and a two-hundred-day moving average of $ 26.72.
Cytokinetics, Inc. operates as a biopharmaceutical company. The company is focused on the discovery and development of muscle activators as a potential treatment for debilitating diseases. She is leading a phase 2 clinical trial program for tirasemtiv, including a phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS ).
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