Analysts Set Cytokinetics, Incorporated (NASDAQ:CYTK) Price Target at $102.20

Cytokinetics, Incorporated (NASDAQ:CYTK) has received a consensus recommendation of “Moderate Buy” from the twenty-one research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $102.20.

CYTK has been the topic of a number of recent research reports. Stifel Nicolaus raised their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Royal Bank Of Canada cut their price target on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Morgan Stanley upped their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Truist Financial raised their price objective on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research report on Friday, August 7th.

Insider Activity

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the transaction, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 14,000 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $4,677,373.40. This trade represents a 19.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 111,179 shares of company stock valued at $8,803,649. 2.60% of the stock is owned by insiders.

Institutional Trading of Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of CYTK. Vanguard Group Inc. raised its holdings in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares during the period. Royce & Associates LP boosted its stake in shares of Cytokinetics by 44.3% in the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock worth $9,177,000 after acquiring an additional 44,343 shares during the period. Handelsbanken Fonder AB grew its position in shares of Cytokinetics by 63.8% during the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after purchasing an additional 157,700 shares in the last quarter. Norges Bank purchased a new stake in shares of Cytokinetics during the fourth quarter worth about $51,281,000. Finally, Siren L.L.C. bought a new stake in Cytokinetics during the 1st quarter valued at approximately $40,466,000.

Cytokinetics Trading Down 1.6%

Shares of CYTK stock opened at $77.90 on Tuesday. Cytokinetics has a 12 month low of $35.22 and a 12 month high of $88.31. The stock has a market cap of $9.69 billion, a P/E ratio of -10.79 and a beta of 0.38. The company has a 50 day simple moving average of $80.25 and a two-hundred day simple moving average of $72.23.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same quarter in the prior year, the business earned ($1.12) EPS. The company’s revenue was down 57.1% compared to the same quarter last year. As a group, equities analysts forecast that Cytokinetics will post -6 earnings per share for the current year.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.