Cytokinetics (NASDAQ:CYTK) Given New $105.00 Price Target at Wells Fargo & Company

Cytokinetics (NASDAQ:CYTK) had its target price upped by Wells Fargo & Company from $95.00 to $105.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $74.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Morgan Stanley lifted their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday. B. Riley Financial increased their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Barclays increased their price target on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $97.25.

Cytokinetics Price Performance

NASDAQ CYTK traded up $3.14 during trading hours on Thursday, reaching $77.43. The company’s stock had a trading volume of 1,918,167 shares, compared to its average volume of 2,160,153. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of -11.36 and a beta of 0.38. The company’s 50-day moving average is $64.21 and its two-hundred day moving average is $63.86. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The firm’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter last year, the firm posted ($1.36) earnings per share. Equities analysts forecast that Cytokinetics will post -6.31 EPS for the current fiscal year.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 12,033 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $9,565,009.30. This represents a 7.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 26,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the sale, the executive vice president owned 50,440 shares of the company’s stock, valued at $3,120,722.80. This trade represents a 34.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 169,976 shares of company stock valued at $10,710,369. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics during the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the fourth quarter worth approximately $29,000. TD Waterhouse Canada Inc. acquired a new position in Cytokinetics during the fourth quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics during the 3rd quarter valued at $30,000.

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.