Weekly Analysts’ Ratings Updates for Cytokinetics (CYTK)

Several analysts have recently updated their ratings and price targets for Cytokinetics (NASDAQ: CYTK):

• 5/14/2024 – Cytokinetics had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $94.00 price target on the stock.
• 5/9/2024 – Cytokinetics had its price target lowered by analysts at Oppenheimer Holdings Inc. from $107.00 to $106.00. They now have an “outperform” rating on the stock.
• 5/9/2024 – Cytokinetics had its price target lowered by analysts at JMP Securities from $110.00 to $106.00. They now have a “market outperform” rating on the stock.
• 5/9/2024 – Cytokinetics had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $108.00 price target on the stock.
• 5/8/2024 – Cytokinetics had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $94.00 price target on the stock.
• 4/9/2024 – Cytokinetics had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $108.00 price target on the stock.
• 4/8/2024 – Cytokinetics had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $86.00 price target on the stock.

Cytokinetics Price Performance

CYTK traded down $0.58 on Thursday, hitting $59.92. The company had a trading volume of 888,756 shares, compared to its average volume of 2,693,624. The stock has a fifty day simple moving average of $66.95 and a 200-day simple moving average of $62.66. The firm has a market capitalization of $6.28 billion, a P/E ratio of -11.10 and a beta of 0.72. Cytokinetics, Incorporated has a 52-week low of $25.98 and a 52-week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. During the same quarter last year, the firm posted ($1.38) earnings per share. The firm’s revenue for the quarter was down 81.8% compared to the same quarter last year. Equities research analysts expect that Cytokinetics, Incorporated will post -4.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the transaction, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director John T. Henderson sold 10,562 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the transaction, the director now owns 32,070 shares in the company, valued at $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the sale, the executive vice president now directly 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. Insiders have sold 91,318 shares of company stock valued at $6,319,540 over the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock valued at $919,800,000 after purchasing an additional 273,565 shares during the period. First Turn Management LLC bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $67,414,000. Charles Schwab Investment Management Inc. lifted its stake in Cytokinetics by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after purchasing an additional 33,257 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Cytokinetics during the 1st quarter valued at approximately $51,277,000. Finally, Norges Bank bought a new position in Cytokinetics during the fourth quarter valued at $60,299,000.

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.