Revenue Update on Cytokinetics(NASDAQ:CYTK)

Cytokinetics(NASDAQ:CYTK) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Jul 28, 2016. Company reported revenue of $5.80M. Analysts estimated a revenue of $10.15M. Earnings per share were $-0.29. Analysts had estimated an EPS of $-0.31.

In a different note, On Jul 27, 2016, Needham said it Maintains its rating on Cytokinetics. In the research note, the firm Raises the price-target to $15.00 per share. The shares have been rated ‘Buy’ by the firm.

Cytokinetics (CYTK) shares turned negative on Thursdays trading session with the shares closing down -0.24 points or -1.98% at a volume of 1,88,013. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $12.16. The peak price level was also seen at $12.16 while the days lowest was $11.85. Finally the shares closed at $11.86. The 52-week high of the shares is $13.18 while the 52-week low is $6.0003. According to the latest information available, the market cap of the company is $470 M.

Several Insider Transactions has been reported to the SEC. On Sep 1, 2015, L Patrick Gage (director) purchased 1,000 shares at $6.95 per share price.Also, On Mar 13, 2015, Andrew A Wolff (SVP & CMO) sold 21,875 shares at $7.81 per share price.

Cytokinetics Incorporated is a clinical stage biopharmaceutical company. The Company is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions. The Company’s drug candidates that are in clinical development are its skeletal muscle activators tirasemtiv and CK-2127107 and its cardiac muscle activator omecamtiv mecarbil. Tirasemtiv and CK-2127107 are structurally distinct and selective small molecules that activate the fast skeletal muscle troponin complex in the sarcomere by increasing its sensitivity to calcium leading to an increase in skeletal muscle contractility. COSMIC-HF (Chronic Oral Study of Myosin Activation to Increase Contractility in Heart Failure) is a Phase II clinical trial designed to assess the pharmacokinetics and tolerability of omecamtiv mecarbil dosed orally in patients with heart failure and left ventricular systolic dysfunction.

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