Truist Financial Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price target increased by analysts at Truist Financial from $84.00 to $92.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s price target points to a potential upside of 41.19% from the stock’s current price.

Several other research firms have also recently issued reports on CYTK. HC Wainwright raised their price target on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. The Goldman Sachs Group set a $95.00 target price on shares of Cytokinetics and gave the company a “buy” rating in a research note on Thursday, December 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Tuesday, October 21st. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $87.42.

Cytokinetics Trading Up 3.1%

Shares of NASDAQ CYTK opened at $65.16 on Tuesday. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98. The company has a 50-day moving average of $63.78 and a two-hundred day moving average of $55.04. The company has a market cap of $7.97 billion, a PE ratio of -10.36 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, topping the consensus estimate of ($1.59) by $0.05. The company had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. During the same quarter last year, the firm earned ($1.36) EPS. The business’s revenue for the quarter was up 318.1% on a year-over-year basis. As a group, equities research analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares in the company, valued at $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the transaction, the executive vice president owned 138,552 shares of the company’s stock, valued at $8,484,924.48. This represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 148,760 shares of company stock valued at $9,694,837. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. boosted its stake in Cytokinetics by 10.6% in the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after purchasing an additional 169 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Cytokinetics by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock valued at $191,000 after purchasing an additional 261 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares during the period. Danske Bank A S grew its holdings in shares of Cytokinetics by 23.1% during the fourth quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 300 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in Cytokinetics by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after buying an additional 341 shares during the last quarter.

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.