JPMorgan Chase & Co. Issues Pessimistic Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its target price cut by JPMorgan Chase & Co. from $71.00 to $53.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Wednesday, May 14th. Mizuho reduced their target price on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, May 29th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Thursday, April 10th. Barclays decreased their price objective on Cytokinetics from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Finally, Bank of America reduced their price target on Cytokinetics from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.92.

Cytokinetics Trading Down 4.1%

NASDAQ CYTK opened at $33.11 on Monday. Cytokinetics has a one year low of $29.31 and a one year high of $61.38. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The firm has a market cap of $3.95 billion, a P/E ratio of -6.15 and a beta of 0.59. The stock’s 50-day moving average is $34.89 and its 200-day moving average is $42.63.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.77 million. The business’s revenue for the quarter was up 89.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.33) EPS. Sell-side analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 12,648 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $44.38, for a total value of $561,318.24. Following the completion of the sale, the chief executive officer now directly owns 326,533 shares in the company, valued at $14,491,534.54. The trade was a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew Callos sold 2,775 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total transaction of $123,154.50. Following the completion of the transaction, the executive vice president now owns 34,888 shares in the company, valued at $1,548,329.44. This trade represents a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,800 shares of company stock valued at $3,518,893 in the last quarter. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its position in shares of Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 374 shares during the period. Centricity Wealth Management LLC bought a new stake in Cytokinetics during the fourth quarter worth $29,000. Fifth Third Bancorp grew its position in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 291 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 916 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock valued at $45,000 after buying an additional 826 shares during the period.

Cytokinetics Company Profile

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.