Cytokinetics (NASDAQ:CYTK) Given New $105.00 Price Target at Citigroup

Cytokinetics (NASDAQ:CYTK) had its target price raised by research analysts at Citigroup from $99.00 to $105.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target points to a potential upside of 87.40% from the company’s previous close.

Several other equities analysts also recently commented on CYTK. Truist Financial upped their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. HC Wainwright reissued a “buy” rating and issued a $140.00 target price on shares of Cytokinetics in a research note on Monday, October 19th. Leerink Partners cut their target price on Cytokinetics from $103.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday. Needham & Company LLC boosted their price target on Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada upped their price target on Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Nineteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $106.67.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded down $7.57 during mid-day trading on Thursday, hitting $56.03. The stock had a trading volume of 6,774,495 shares, compared to its average volume of 2,114,435. Cytokinetics has a 1 year low of $54.16 and a 1 year high of $88.31. The business has a 50 day moving average price of $66.63 and a two-hundred day moving average price of $70.05. The firm has a market cap of $6.97 billion, a P/E ratio of -7.76 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share for the quarter, beating the consensus estimate of ($1.43) by $0.06. The firm had revenue of $47.56 million for the quarter, compared to analysts’ expectations of $41.88 million. The company’s quarterly revenue was up 2356.5% on a year-over-year basis. During the same period in the previous year, the company earned ($2.55) EPS. Equities research analysts predict that Cytokinetics will post -5.97 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other news, EVP Fady Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $68.29, for a total value of $239,015.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $10,509,967.58. This trade represents a 2.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 10,000 shares of Cytokinetics stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $70.24, for a total transaction of $702,400.00. Following the sale, the executive vice president directly owned 58,555 shares in the company, valued at $4,112,903.20. The trade was a 14.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 180,926 shares of company stock valued at $12,510,340 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new position in shares of Cytokinetics during the second quarter valued at approximately $36,000. Physician Wealth Advisors Inc. boosted its position in shares of Cytokinetics by 810.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 397 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Cytokinetics by 71.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 191 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Cytokinetics by 842.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after buying an additional 573 shares during the last quarter. Finally, Manchester Capital Management LLC purchased a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $43,000.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Third-quarter loss narrowed to $1.37 per share from $2.55 a year earlier, while revenue climbed to $47.56 million, beating the $41.88 million consensus estimate. The results provide evidence of improving financial performance. Cytokinetics Q3 Loss Narrows, Revenue Rises
• Positive Sentiment: Leerink Partners lowered its price target modestly, from $103 to $100, but retained an Outperform rating—still implying substantial upside from the quoted share price. Leerink Partners ratings
• Neutral Sentiment: Recent coverage highlights potential valuation upside, aficamten data and the possible effect of MYQORZO adoption, but the provided reports do not include enough detail to assess the size or timing of any commercial impact. Cytokinetics could be undervalued MYQORZO adoption impact
• Negative Sentiment: The quarterly beat did not prevent the shares from declining. Cytokinetics continues to report a sizeable loss, which may leave investors focused on the path to profitability and the ability to turn revenue growth into sustainable earnings.
• Negative Sentiment: Leerink’s price-target reduction, despite its continued Outperform rating, is a modestly cautious signal. Separately, an executive sold 3,500 shares under a pre-arranged trading plan; the planned nature and relatively small size make this a limited signal. Executive share sale

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.