Cytokinetics (NASDAQ:CYTK) Price Target Raised to $113.00

Cytokinetics (NASDAQ:CYTK) had its price objective upped by Royal Bank Of Canada from $112.00 to $113.00 in a research report released on Thursday morning, Marketbeat.com reports. Royal Bank Of Canada currently has an outperform rating on the biopharmaceutical company’s stock.

Several other equities analysts have also weighed in on the stock. UBS Group raised shares of Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $69.00 to $115.00 in a report on Monday, June 29th. HC Wainwright restated a “buy” rating and set a $140.00 price target on shares of Cytokinetics in a research report on Monday, August 31st. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Friday, August 7th. Mizuho increased their target price on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research note on Tuesday, September 1st. Eighteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.06.

Cytokinetics Stock Up 1.5%

Shares of CYTK opened at $62.91 on Thursday. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of -8.71 and a beta of 0.41. Cytokinetics has a 52 week low of $54.30 and a 52 week high of $88.31. The stock’s 50-day moving average price is $71.75 and its 200-day moving average price is $73.17.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company 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 posted ($1.12) earnings per share. The firm’s revenue was down 57.1% compared to the same quarter last year. As a group, equities analysts anticipate that Cytokinetics will post -5.98 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other news, Director Robert Landry sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $72.13, for a total value of $72,130.00. Following the transaction, the director directly owned 8,184 shares of the company’s stock, valued at approximately $590,311.92. This trade represents a 10.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B. Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.48, for a total transaction of $357,400.00. Following the completion of the transaction, the director directly owned 10,784 shares in the company, valued at $770,840.32. This trade represents a 31.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 191,426 shares of company stock valued at $13,745,435 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CYTK. Integrated Wealth Concepts LLC purchased a new stake in shares of Cytokinetics in the second quarter valued at about $36,000. Rockefeller Capital Management L.P. raised its stake in Cytokinetics by 842.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after purchasing an additional 573 shares during the period. Western Wealth Management LLC purchased a new position in Cytokinetics during the first quarter worth about $53,000. EverSource Wealth Advisors LLC boosted its holdings in Cytokinetics by 55.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,548 shares of the biopharmaceutical company’s stock valued at $102,000 after purchasing an additional 549 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Cytokinetics by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,487 shares of the biopharmaceutical company’s stock valued at $212,000 after purchasing an additional 266 shares during the last quarter.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that improve muscle function. The company applies muscle biology and molecular pharmacology to develop therapies for cardiovascular and neuromuscular diseases in which impaired muscle performance contributes to disease progression or disability.

Its lead programs include aficamten, a next-generation cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy, and other investigational compounds designed to modulate the activity of cardiac or skeletal muscle.