H.C. Wainwright Sticks to Their Buy Rating for Cytokinetics (CYTK)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Cytokinetics (CYTK) today and set a price target of $41.00. The company’s shares closed last Thursday at $23.37.

According to TipRanks.com, Pantginis is a 5-star analyst with an average return of 33.9% and a 50.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Lineage Cell Therapeutics, and Catabasis Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cytokinetics with a $35.50 average price target, a 52.6% upside from current levels. In a report issued on May 4, Raymond James also maintained a Buy rating on the stock.

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Based on Cytokinetics’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $6.72 million and GAAP net loss of $43.93 million. In comparison, last year the company earned revenue of $5.21 million and had a GAAP net loss of $30.64 million.

Based on the recent corporate insider activity of 101 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 March 2021, Patrick Gage, a Director at CYTK sold 10,000 shares for a total of $244,400.

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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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