Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $88.83 Average Price Target from Analysts

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been assigned a consensus rating of “Moderate Buy” from the twenty-one research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seventeen have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $89.2778.

Several equities analysts have commented on CYTK shares. UBS Group upped their price objective on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. HC Wainwright upped their price target on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Citizens Jmp raised their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Finally, Citigroup restated a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the sale, the executive vice president directly owned 138,552 shares in the company, valued at $8,484,924.48. The trade was a 1.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the transaction, the director directly owned 32,444 shares in the company, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 82,693 shares of company stock valued at $5,179,863. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its position in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. bought a new stake in Cytokinetics in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics during the 4th quarter worth approximately $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cytokinetics during the fourth quarter worth approximately $32,000.

Cytokinetics Stock Up 3.3%

Shares of NASDAQ CYTK opened at $62.42 on Tuesday. The business’s 50 day moving average price is $63.96 and its two-hundred day moving average price is $59.89. The company has a market cap of $7.69 billion, a PE ratio of -9.56 and a beta of 0.56. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. During the same period last year, the firm posted ($1.26) earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Cytokinetics Company Profile

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.