Cytokinetics (NASDAQ:CYTK) Shares Up 3.4%

Cytokinetics, Incorporated (NASDAQ:CYTK) shot up 3.4% during mid-day trading on Tuesday . The company traded as high as $70.43 and last traded at $70.33. 303,632 shares were traded during trading, a decline of 90% from the average session volume of 3,083,417 shares. The stock had previously closed at $68.00.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and upped their price target for the stock from $61.00 to $92.00 in a research report on Wednesday, January 24th. StockNews.com cut Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Needham & Company LLC restated a “buy” rating and issued a $108.00 price target on shares of Cytokinetics in a research report on Tuesday, April 9th. Oppenheimer restated an “outperform” rating and issued a $107.00 price target on shares of Cytokinetics in a research report on Monday, March 4th. Finally, Truist Financial reiterated a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.33.

Cytokinetics Stock Performance

The business has a 50-day moving average price of $71.52 and a 200 day moving average price of $58.20.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The company had revenue of $1.70 million during the quarter, compared to analyst estimates of $7.62 million. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.45) earnings per share. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -4.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John T. Henderson sold 5,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the sale, the director now owns 42,632 shares of the company’s stock, valued at approximately $3,260,495.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John T. Henderson sold 5,000 shares of Cytokinetics stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the sale, the director now owns 42,632 shares in the company, valued at approximately $3,260,495.36. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,814 shares of company stock valued at $9,605,955. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Cytokinetics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cannon Global Investment Management LLC bought a new stake in Cytokinetics in the first quarter valued at approximately $680,000. First Bank & Trust bought a new stake in Cytokinetics in the first quarter valued at approximately $452,000. Wealth Enhancement Advisory Services LLC bought a new stake in Cytokinetics in the first quarter valued at approximately $813,000. Chemistry Wealth Management LLC purchased a new position in shares of Cytokinetics during the first quarter valued at approximately $366,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Cytokinetics during the first quarter valued at approximately $1,249,000.

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.