Cytokinetics (NASDAQ:CYTK) Upgraded by Morgan Stanley to Overweight Rating

Cytokinetics (NASDAQ:CYTK) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Thursday,Benzinga reports. The brokerage presently has a $67.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $70.00. Morgan Stanley’s target price points to a potential upside of 58.84% from the company’s current price.

A number of other equities research analysts have also recently weighed in on CYTK. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Thursday, February 6th. Mizuho increased their price objective on shares of Cytokinetics from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Royal Bank of Canada lifted their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Friday, February 7th. Finally, Evercore ISI raised Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $42.18 on Thursday. Cytokinetics has a 12-month low of $40.53 and a 12-month high of $81.36. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of -7.84 and a beta of 0.83. The stock’s 50 day moving average price is $47.79 and its two-hundred day moving average price is $52.03. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $50.76, for a total value of $253,800.00. Following the sale, the chief executive officer now owns 397,678 shares of the company’s stock, valued at approximately $20,186,135.28. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.06, for a total value of $96,120.00. Following the transaction, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,578,372.26. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,122 shares of company stock valued at $1,654,806 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Cytokinetics

Large investors have recently bought and sold shares of the business. Creative Planning lifted its holdings in shares of Cytokinetics by 50.5% in the third quarter. Creative Planning now owns 23,666 shares of the biopharmaceutical company’s stock worth $1,250,000 after acquiring an additional 7,939 shares during the last quarter. Blue Trust Inc. increased its position in Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 680 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Cytokinetics by 6.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 93,299 shares of the biopharmaceutical company’s stock valued at $4,926,000 after purchasing an additional 5,487 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Cytokinetics in the third quarter valued at approximately $558,000. Finally, Values First Advisors Inc. acquired a new stake in Cytokinetics in the third quarter valued at approximately $54,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.