Zacks: Brokerages Expect Cytokinetics, Incorporated (NASDAQ:CYTK) Will Post Quarterly Sales of $6.00 Million

Wall Street analysts expect Cytokinetics, Incorporated (NASDAQ:CYTK) to report $6.00 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Cytokinetics’ earnings, with the highest sales estimate coming in at $8.57 million and the lowest estimate coming in at $440,000.00. Cytokinetics reported sales of $6.72 million in the same quarter last year, which indicates a negative year over year growth rate of 10.7%. The business is scheduled to report its next quarterly earnings results on Thursday, February 24th.

On average, analysts expect that Cytokinetics will report full-year sales of $21.10 million for the current fiscal year, with estimates ranging from $15.27 million to $23.40 million. For the next fiscal year, analysts forecast that the business will post sales of $40.01 million, with estimates ranging from $21.00 million to $84.02 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Cytokinetics.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 3rd. The biopharmaceutical company reported ($0.95) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.75) by ($0.20). The business had revenue of $5.44 million for the quarter, compared to analyst estimates of $5.46 million. Cytokinetics had a negative return on equity of 204.75% and a negative net margin of 1,061.13%. During the same period in the prior year, the company posted ($0.05) earnings per share.

A number of analysts recently issued reports on CYTK shares. Cantor Fitzgerald upped their target price on Cytokinetics from $48.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, October 12th. Zacks Investment Research raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Monday, November 15th. JMP Securities reissued a “buy” rating on shares of Cytokinetics in a research report on Thursday, November 4th. Piper Sandler decreased their target price on Cytokinetics from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, August 9th. Finally, HC Wainwright upped their target price on Cytokinetics from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, November 4th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $49.92.

In related news, Director Sandford D. Smith sold 29,032 shares of the firm’s stock in a transaction that occurred on Friday, November 19th. The stock was sold at an average price of $41.21, for a total value of $1,196,408.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $31.43, for a total value of $62,860.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 226,570 shares of company stock valued at $8,682,254. Company insiders own 5.70% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Cytokinetics by 13.8% during the third quarter. BlackRock Inc. now owns 13,262,947 shares of the biopharmaceutical company’s stock worth $474,017,000 after buying an additional 1,608,545 shares in the last quarter. FMR LLC boosted its holdings in shares of Cytokinetics by 121.0% during the second quarter. FMR LLC now owns 8,488,682 shares of the biopharmaceutical company’s stock worth $167,991,000 after purchasing an additional 4,646,979 shares during the last quarter. State Street Corp boosted its holdings in shares of Cytokinetics by 2.6% during the second quarter. State Street Corp now owns 4,250,786 shares of the biopharmaceutical company’s stock worth $84,123,000 after purchasing an additional 108,816 shares during the last quarter. Polar Capital Holdings Plc boosted its holdings in shares of Cytokinetics by 24.1% during the third quarter. Polar Capital Holdings Plc now owns 3,014,882 shares of the biopharmaceutical company’s stock worth $107,752,000 after purchasing an additional 585,782 shares during the last quarter. Finally, Wasatch Advisors Inc. boosted its holdings in shares of Cytokinetics by 2.1% during the third quarter. Wasatch Advisors Inc. now owns 2,648,037 shares of the biopharmaceutical company’s stock worth $94,641,000 after purchasing an additional 53,725 shares during the last quarter. 91.62% of the stock is owned by institutional investors.

Shares of NASDAQ:CYTK traded up $0.58 on Thursday, hitting $40.90. 574,136 shares of the company’s stock were exchanged, compared to its average volume of 1,139,478. The firm’s 50-day moving average is $37.08 and its 200 day moving average is $29.90. The company has a market capitalization of $3.43 billion, a PE ratio of -13.24 and a beta of 1.27. Cytokinetics has a 1-year low of $16.05 and a 1-year high of $42.87. The company has a debt-to-equity ratio of 0.50, a quick ratio of 6.12 and a current ratio of 6.12.

About Cytokinetics

Cytokinetics, Inc operates as a biopharmaceutical company. The firm 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).

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