Cytokinetics (NASDAQ:CYTK) Price Target Lowered to $60.00 at Bank of America

Cytokinetics (NASDAQ:CYTK) had its target price lowered by equities researchers at Bank of America from $70.00 to $60.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective would suggest a potential upside of 20.26% from the stock’s previous close.

CYTK has been the topic of several other reports. HC Wainwright reduced their target price on Cytokinetics from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho reduced their target price on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. UBS Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $61.00 to $92.00 in a report on Wednesday, January 24th. Needham & Company LLC reduced their target price on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Truist Financial restated a “buy” rating and issued a $86.00 price objective on shares of Cytokinetics in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $77.47.

Cytokinetics Stock Performance

NASDAQ CYTK traded down $9.34 during trading on Thursday, reaching $49.89. 10,549,055 shares of the company traded hands, compared to its average volume of 2,704,323. The stock’s 50 day moving average price is $66.44 and its two-hundred day moving average price is $63.55. The company has a market cap of $5.23 billion, a price-to-earnings ratio of -9.22 and a beta of 0.72. Cytokinetics has a 1-year low of $25.98 and a 1-year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. The company’s quarterly revenue was down 81.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.38) earnings per share. Equities research analysts expect that Cytokinetics will post -4.73 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction dated Tuesday, April 9th. The shares were 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 directly owns 138,567 shares in the company, valued at approximately $10,296,913.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction dated Tuesday, April 9th. The shares were 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 directly owns 138,567 shares in the company, valued at approximately $10,296,913.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John T. Henderson sold 10,562 shares of the stock in a transaction dated Thursday, April 25th. The stock was 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 of the company’s stock, valued at $2,069,797.80. The disclosure for this sale can be found here. Insiders sold a total of 91,318 shares of company stock worth $6,319,540 in the last three months. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CYTK. Fifth Third Bancorp raised its holdings in Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 318 shares during the period. EntryPoint Capital LLC bought a new position in shares of Cytokinetics during the first quarter worth approximately $74,000. GAMMA Investing LLC bought a new position in shares of Cytokinetics during the fourth quarter worth approximately $80,000. Bessemer Group Inc. increased its holdings in shares of Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,255 shares during the period. Finally, Sage Rhino Capital LLC bought a new position in shares of Cytokinetics during the fourth quarter worth approximately $204,000.

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.