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Cytokinetics
(NASDAQ:CYTK)
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Rating:52Neutral
Price Target:
$86.00
▲(28.92% Upside)
Action:Reiterated
Date:05/28/26
The score is primarily held back by weak financial fundamentals—large losses, heavy cash burn, and a stressed balance sheet with negative equity—despite improving revenue trends. Technicals are supportive with a clear uptrend and positive momentum indicators, while valuation remains challenged due to ongoing losses and no dividend support. The earnings call adds a moderate positive tilt from early launch traction and pipeline/regulatory progress, tempered by high spend, access ramp timing, and safety scrutiny.
Positive Factors
Commercial launch & early adoption
Having an approved, launched product creates a durable commercial backbone beyond partnerships. Early revenue and growing prescriber/patient metrics indicate product-market fit, REMS certification traction, and operational capability to scale sales, supporting a path to recurring revenue and reduced dependence on milestone-driven income.
Negative Factors
Large ongoing cash burn
Sustained negative operating and free cash flow indicates the business still requires external financing to fund operations and launches. Even with recent capital, persistent multi-hundred‑million dollar burn raises dilution or refinancing risk if commercial ramp or milestone receipts are slower than planned.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial launch & early adoption
Having an approved, launched product creates a durable commercial backbone beyond partnerships. Early revenue and growing prescriber/patient metrics indicate product-market fit, REMS certification traction, and operational capability to scale sales, supporting a path to recurring revenue and reduced dependence on milestone-driven income.
Read all positive factors
Cytokinetics Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights revenue contributions from different business segments, providing insight into which areas drive growth and how diversified the company’s income streams are.
Highlights revenue contributions from different business segments, providing insight into which areas drive growth and how diversified the company’s income streams are.
Data provided by:
The Fly
The FlyCytokinetics (CYTK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.61B
Dividend YieldN/A
Average Volume (3M)2.45M
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth450.60%
EPS Growth-28.90%
CountryUS
Employees673
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.83
Shares Outstanding124,432,560
10 Day Avg. Volume2,250,274
30 Day Avg. Volume2,447,722
Financial Highlights & Ratios
PEG Ratio-0.40
Price to Book (P/B)-11.56
Price to Sales (P/S)86.62
P/FCF Ratio-14.26
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue102.81
Enterprise Value/Gross Profit113.79
Enterprise Value/Ebitda-14.81
Forecast
1Y Price Target
$106.53Price Target Upside59.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)-6.39
Revenue Forecast (FY)$109.24M
Cytokinetics Business Overview & Revenue Model
Company Description
Cytokinetics, Incorporated, a biopharmaceutical company, focuses on discovering, developing, and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in the United States. The company mark...
How the Company Makes Money
Cytokinetics primarily makes money through (1) collaboration and licensing arrangements with larger pharmaceutical partners and (2) product sales when/if its drug candidates receive regulatory approval and are commercialized. Historically, a signi...
Cytokinetics Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed multiple major positive developments: first commercial launch with encouraging early uptake and revenue, EU approval and imminent German launch, positive pivotal Acacia HCM topline results that could expand aficamtin to nonobstructive HCM, and continued pipeline progress and regulatory filings. Offsetting these positives are meaningful launch and operating costs (SG&A up sharply), continued cash burn, incomplete payer access early in launch, and notable safety observations in Acacia HCM (higher incidence of LVEF decline and a small number of serious heart failure events) that will require regulatory and prescriber scrutiny. On balance, the transformative commercial and clinical milestones materially outweigh the near-term financial and safety challenges described on the call.Positive Updates
First Commercial Product Launch and Initial Revenue
Launched MYCorzo in the U.S. (available to patients Jan 27). Recorded $4.8 million in net product revenue in Q1 (approx. nine weeks of commercial sales); over 70% of dispensed patients on a paid prescription and average conversion to paid in <2 weeks.
Negative Updates
Quarterly Total Revenues Declined YoY
Reported total revenues of $0.4 million for Q1 2026 vs $1.6 million in Q1 2025, a decline of ~75% year-over-year (company also reported $4.8M net product revenue for MYCorzo in the quarter; timing and recognition dynamics noted).
Read all updates
Q1-2026 Updates
Positive
Negative
First Commercial Product Launch and Initial Revenue
Launched MYCorzo in the U.S. (available to patients Jan 27). Recorded $4.8 million in net product revenue in Q1 (approx. nine weeks of commercial sales); over 70% of dispensed patients on a paid prescription and average conversion to paid in <2 weeks.
Read all positive updates
Company Guidance
Cytokinetics maintained full‑year 2026 financial guidance with GAAP combined R&D and SG&A of $830–$870 million (including $120–$130 million of stock‑based compensation; excluding stock‑based comp $700–$750 million), reported approximately $1.1 billion in cash and investments (down ~$144 million in the quarter) and said it will update guidance following Acacia HCM; operational and regulatory timing included a MAPLE HCM PDUFA of 11/14/2026, planned German MYCorzo launch in Q2 2026, potential Health Canada decision in 2H 2026, completion of CEDAR‑HCM adolescent enrollment in Q4 2026, continued COMET‑HS enrollment through 2026, AMBER‑HFpEF cohort‑1 enrollment completion in 2H 2026, and initiation of a second Phase‑1 for CK‑089. The company also reiterated commercial targets and access timelines—Medicare parity expected in Q2, 50% commercial lives by early Q3 and parity by end‑Q4—and highlighted early launch metrics: Q1 net product revenue of $4.8M (~nine weeks), >275 HCPs prescribing in Q1 (>425 through April), ~680 patients prescribed by end‑Q1 (1,100 through April), average 2.4 scripts per HCP (2.6 for high‑volume prescribers), estimated new‑to‑brand Q1 exit share >30%, >1,400 REMS certifications, >2,100 patient community enrollments, >70% of dispensed patients on paid prescriptions with conversion in <2 weeks.Cytokinetics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.81M | 88.04M | 18.47M | 7.53M | 94.59M | 70.43M |
| Gross Profit | 95.60M | 77.91M | -320.93M | -322.59M | -146.22M | -89.51M |
| EBITDA | -734.67M | -775.27M | -493.48M | -456.68M | -329.40M | -176.34M |
| Net Income | -829.61M | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M |
Balance Sheet | ||||||
| Total Assets | 1.27B | 1.42B | 1.40B | 824.32M | 1.01B | 841.32M |
| Cash, Cash Equivalents and Short-Term Investments | 818.55M | 882.22M | 1.08B | 614.82M | 782.58M | 471.64M |
| Total Debt | 1.29B | 1.28B | 788.68M | 755.77M | 750.30M | 269.93M |
| Total Liabilities | 2.10B | 2.08B | 1.54B | 1.21B | 1.12B | 597.46M |
| Stockholders Equity | -826.57M | -659.63M | -135.37M | -386.32M | -107.90M | 243.86M |
Cash Flow | ||||||
| Free Cash Flow | -548.92M | -534.82M | -399.80M | -415.75M | -310.85M | -191.39M |
| Operating Cash Flow | -523.85M | -510.01M | -395.89M | -414.33M | -299.52M | -142.52M |
| Investing Cash Flow | 56.20M | 16.67M | -553.10M | 239.25M | -262.13M | -147.78M |
| Financing Cash Flow | 527.47M | 524.46M | 930.61M | 221.32M | 516.17M | 319.98M |
Cytokinetics Technical Analysis
Positive
66.71
Price Trends
73.62
Positive
68.86
Positive
64.96
Positive
Market Momentum
3.39
Negative
69.06
Neutral
82.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CYTK, the sentiment is Positive. The current price of 66.71 is below the 20-day moving average (MA) of 76.09, below the 50-day MA of 73.62, and above the 200-day MA of 64.96, indicating a bullish trend. The MACD of 3.39 indicates Negative momentum. The RSI at 69.06 is Neutral, neither overbought nor oversold. The STOCH value of 82.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CYTK.
Cytokinetics Risk Analysis
Cytokinetics disclosed 35 risk factors in its most recent earnings report. Cytokinetics reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cytokinetics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $9.76B | -20.40 | -42.78% | ― | ― | -37.66% | |
60 Neutral | $12.38B | -64.52 | -260.01% | ― | 63.88% | 35.18% | |
54 Neutral | $7.57B | -35.27 | -203.25% | ― | 58.67% | -11.45% | |
53 Neutral | $5.55B | -21.98 | -24.91% | ― | 56.70% | -13.77% | |
52 Neutral | $10.61B | -12.48 | 139.66% | ― | 450.60% | -28.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $227.51M | -4.98 | -29.67% | ― | ― | ― |
* Healthcare Sector Average
CYTK
Cytokinetics
85.26
50.60
145.99%
AXSM
Axsome Therapeutics
240.66
135.22
128.24%
RYTM
Rhythm Pharmaceuticals
110.41
44.64
67.87%
LEGN
Legend Biotech
29.89
-5.75
-16.13%
RNA
Atrium Therapeutics, Inc.
13.30
-1.45
-9.83%
NUVL
Nuvalent
123.60
43.12
53.58%
Cytokinetics Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Cytokinetics Shareholders Reinforce Board and Governance Frameworks
Positive
May 27, 2026
At Cytokinetics’ Annual Meeting of Stockholders held on May 27, 2026, shareholders elected Edward M. Kaye, M.D., Wendell Wierenga, Ph.D., and Nancy J. Wysenski as Class I directors for three-year terms, with more than 93% of eligible shares ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Cytokinetics Raises $760 Million in Stock Offering
Positive
May 8, 2026
On May 6, 2026, Cytokinetics, Incorporated entered into an underwriting agreement with Morgan Stanley, Goldman Sachs, J.P. Morgan and Jefferies for a public offering of 9,859,155 shares of its common stock at $71.00 per share. The agreement also i...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Cytokinetics Highlights MYQORZO Progress and Cardiology Pipeline
Positive
May 5, 2026
On May 5, 2026, Cytokinetics released an updated corporate presentation outlining the commercial status of MYQORZO and detailing its expanding pipeline in specialty cardiology, including late-stage programs such as aficamten for oHCM and non-obstr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.