Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $98.55 Average PT from Brokerages

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been given an average recommendation of “Moderate Buy” by the twenty-two analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $99.30.

A number of equities research analysts have issued reports on the stock. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a report on Tuesday, March 10th. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Stifel Nicolaus lifted their price target on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley boosted their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the sale, the executive vice president owned 153,902 shares in the company, valued at $11,907,397.74. This represents a 2.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $77.92, for a total value of $584,400.00. Following the sale, the chief executive officer directly owned 400,330 shares of the company’s stock, valued at approximately $31,193,713.60. The trade was a 1.84% 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 sold a total of 177,476 shares of company stock worth $11,294,769 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Woodline Partners LP lifted its position in Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the period. Norges Bank bought a new position in Cytokinetics in the 4th quarter valued at approximately $51,281,000. Deep Track Capital LP raised its holdings in Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares during the last quarter. Siren L.L.C. bought a new position in Cytokinetics in the 1st quarter valued at approximately $40,466,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after buying an additional 565,393 shares during the last quarter.

Cytokinetics Trading Down 0.9%

Shares of NASDAQ:CYTK opened at $78.06 on Friday. The stock has a market capitalization of $9.71 billion, a PE ratio of -11.41 and a beta of 0.38. Cytokinetics has a 1 year low of $29.81 and a 1 year high of $80.20. The firm has a fifty day moving average price of $67.11 and a 200 day moving average price of $65.05.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.36) EPS. On average, sell-side analysts forecast that Cytokinetics will post -6.27 earnings per share for the current fiscal 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.