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JMP Securities Keeps a Buy Rating on Cytokinetics (CYTK)

In a report released today, Jason Butler from JMP Securities reiterated a Buy rating on Cytokinetics (CYTKResearch Report), with a price target of $48.00. The company’s shares closed last Friday at $32.85.

According to TipRanks.com, Butler is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -3.4% and a 37.2% success rate. Butler covers the Healthcare sector, focusing on stocks such as Applied Molecular Transport, ACADIA Pharmaceuticals, and Aquestive Therapeutics.

Cytokinetics has an analyst consensus of Strong Buy, with a price target consensus of $58.27, an 80.7% upside from current levels. In a report issued on January 28, Goldman Sachs also initiated coverage with a Buy rating on the stock with a $74.00 price target.

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Based on Cytokinetics’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $5.44 million and GAAP net loss of $76.09 million. In comparison, last year the company earned revenue of $41.69 million and had a GAAP net loss of $3.18 million.

Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year. Most recently, in December 2021, Sandford Smith, a Director at CYTK sold 28,290 shares for a total of $1,295,399.

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Cytokinetics, Inc. operates as a biopharmaceutical company, which focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials 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). The company was founded on August 5, 1997 and is headquartered in South San Francisco, CA.

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