Cytokinetics (NASDAQ:CYTK) Price Target Raised to $105.00

Cytokinetics (NASDAQ:CYTK) had its price objective raised by Citigroup from $99.00 to $105.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price objective suggests a potential upside of 87.40% from the company’s previous close.

CYTK has been the topic of several other research reports. Wall Street Zen downgraded shares of Cytokinetics from a “hold” rating to a “sell” rating in a research note on Tuesday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Thursday, October 15th. UBS Group reissued a “buy” rating and set a $104.00 price target on shares of Cytokinetics in a research report on Wednesday, October 14th. Truist Financial boosted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, Citizens Jmp boosted their price objective on shares of Cytokinetics from $105.00 to $110.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Nineteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.67.

Cytokinetics Price Performance

Cytokinetics stock traded down $7.57 during mid-day trading on Thursday, reaching $56.03. The stock had a trading volume of 6,774,495 shares, compared to its average volume of 2,114,435. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of -7.76 and a beta of 0.45. The company has a 50-day moving average price of $66.63 and a two-hundred day moving average price of $70.05. Cytokinetics has a one year low of $54.16 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, beating the consensus estimate of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to analysts’ expectations of $41.88 million. The business’s revenue for the quarter was up 2356.5% compared to the same quarter last year. During the same period last year, the company posted ($2.55) earnings per share. On average, equities research analysts anticipate that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert E. 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 transaction of $72,130.00. Following the sale, the director owned 8,184 shares of the company’s stock, valued at $590,311.92. This trade represents a 10.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $62.93, for a total transaction of $220,255.00. Following the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,685,052.86. The trade was a 2.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 180,926 shares of company stock worth $12,510,340. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. New York Life Investment Management LLC boosted its holdings in Cytokinetics by 29.3% in the third quarter. New York Life Investment Management LLC now owns 19,047 shares of the biopharmaceutical company’s stock worth $1,255,000 after purchasing an additional 4,316 shares during the last quarter. Retirement Systems of Alabama grew its position in Cytokinetics by 2.1% in the 3rd quarter. Retirement Systems of Alabama now owns 143,395 shares of the biopharmaceutical company’s stock worth $9,451,000 after purchasing an additional 2,969 shares during the period. Allspring Global Investments Holdings LLC grew its position in Cytokinetics by 4.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,833 shares of the biopharmaceutical company’s stock worth $514,000 after purchasing an additional 302 shares during the period. Candriam S.C.A. raised its stake in Cytokinetics by 39.3% during the 3rd quarter. Candriam S.C.A. now owns 617,386 shares of the biopharmaceutical company’s stock valued at $40,841,000 after buying an additional 174,320 shares during the last quarter. Finally, Ethic Inc. raised its stake in Cytokinetics by 17.3% during the 3rd quarter. Ethic Inc. now owns 22,240 shares of the biopharmaceutical company’s stock valued at $1,466,000 after buying an additional 3,275 shares during the last quarter.

Key Stories Impacting Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Third-quarter loss narrowed to $1.37 per share from $2.55 a year earlier, while revenue climbed to $47.56 million, beating the $41.88 million consensus estimate. The results provide evidence of improving financial performance. Cytokinetics Q3 Loss Narrows, Revenue Rises
• Positive Sentiment: Leerink Partners lowered its price target modestly, from $103 to $100, but retained an Outperform rating—still implying substantial upside from the quoted share price. Leerink Partners ratings
• Neutral Sentiment: Recent coverage highlights potential valuation upside, aficamten data and the possible effect of MYQORZO adoption, but the provided reports do not include enough detail to assess the size or timing of any commercial impact. Cytokinetics could be undervalued MYQORZO adoption impact
• Negative Sentiment: The quarterly beat did not prevent the shares from declining. Cytokinetics continues to report a sizeable loss, which may leave investors focused on the path to profitability and the ability to turn revenue growth into sustainable earnings.
• Negative Sentiment: Leerink’s price-target reduction, despite its continued Outperform rating, is a modestly cautious signal. Separately, an executive sold 3,500 shares under a pre-arranged trading plan; the planned nature and relatively small size make this a limited signal. Executive share sale

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.