Cytokinetics, Incorporated (NASDAQ:CYTK) Given Consensus Recommendation of “Moderate Buy” by Analysts

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned a consensus recommendation of “Moderate Buy” from the twenty analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $84.9474.

CYTK has been the subject of a number of research reports. Barclays boosted their price target on shares of Cytokinetics from $82.00 to $87.00 and gave the stock an “overweight” rating in a research note on Monday, December 22nd. Truist Financial set a $84.00 target price on shares of Cytokinetics in a research report on Monday, December 22nd. Bank of America raised their price target on Cytokinetics from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 2nd. HC Wainwright lifted their price target on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Finally, Morgan Stanley set a $90.00 price objective on Cytokinetics in a research report on Thursday, January 8th.

Insiders Place Their Bets

In related news, Director Robert Arthur Harrington sold 2,150 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $66.80, for a total transaction of $143,620.00. Following the transaction, the director owned 18,542 shares of the company’s stock, valued at approximately $1,238,605.60. This trade represents a 10.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Henderson sold 8,750 shares of Cytokinetics stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the transaction, the director owned 74,578 shares in the company, valued at approximately $4,765,534.20. The trade was a 10.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 161,649 shares of company stock valued at $10,470,062 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the last quarter. Quarry LP purchased a new position in Cytokinetics in the 3rd quarter worth approximately $30,000. Advisory Services Network LLC purchased a new position in Cytokinetics in the 3rd quarter worth approximately $32,000. Johnson Financial Group Inc. bought a new stake in Cytokinetics in the third quarter valued at approximately $40,000. Finally, Hantz Financial Services Inc. boosted its stake in shares of Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 1,264 shares during the period.

Cytokinetics Stock Down 1.4%

NASDAQ:CYTK opened at $62.58 on Monday. The business’s 50-day moving average price is $64.11 and its two-hundred day moving average price is $52.63. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98. The stock has a market cap of $7.65 billion, a P/E ratio of -9.95 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping the consensus estimate of ($1.59) by $0.05. The business had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $6.05 million. The firm’s revenue for the quarter was up 318.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.36) EPS. On average, equities research analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

About Cytokinetics

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.