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

Cytokinetics, Incorporated (NASDAQ:CYTK) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $88.8333.

A number of brokerages have recently weighed in on CYTK. Citizens Jmp boosted their price target on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Barclays initiated coverage on shares of Cytokinetics in a research note on Wednesday, January 28th. They set an “overweight” rating and a $87.00 target price for the company. Needham & Company LLC raised their price target on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada boosted their price objective on shares of Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Finally, HC Wainwright raised their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 26,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares in the company, valued at $3,120,722.80. The trade was a 34.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the director owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. The trade was 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 90 days, insiders have sold 83,735 shares of company stock valued at $5,248,594. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in 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 purchasing an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics in the fourth quarter valued at approximately $29,000. Quarry LP bought a new stake in shares of Cytokinetics during the third quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the fourth quarter worth approximately $32,000.

Cytokinetics Price Performance

Shares of CYTK stock opened at $62.19 on Tuesday. The firm has a fifty day moving average of $64.01 and a two-hundred day moving average of $59.27. The firm has a market cap of $7.66 billion, a P/E ratio of -9.52 and a beta of 0.56. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned ($1.26) earnings per share. On average, sell-side analysts expect that Cytokinetics will post -5.24 EPS for the current 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.