Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) Target Price at $98.55

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have received a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $99.30.

A number of brokerages have issued reports on CYTK. Needham & Company LLC upped their price objective on Cytokinetics from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Citigroup began coverage on Cytokinetics in a research note on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective for the company. UBS Group set a $119.00 price objective on Cytokinetics in a research note on Wednesday, May 6th. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Finally, Citizens Jmp upped their price objective on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $76.94 on Friday. The company has a market capitalization of $9.57 billion, a PE ratio of -11.25 and a beta of 0.38. The business has a fifty day moving average price of $67.38 and a two-hundred day moving average price of $65.13. Cytokinetics has a 1 year low of $29.81 and a 1 year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The firm’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.36) EPS. Sell-side analysts anticipate that Cytokinetics will post -6.27 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 12,033 shares of the stock in a transaction 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 owned 153,902 shares in the company, valued at approximately $9,565,009.30. This represents a 7.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 26,000 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the transaction, the executive vice president owned 50,440 shares of the company’s stock, valued at $3,120,722.80. The trade was a 34.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 177,476 shares of company stock worth $11,294,769 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC grew its stake in shares of Cytokinetics by 723.7% during the 2nd 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 position in shares of Cytokinetics during the 4th quarter worth $27,000. Kestra Advisory Services LLC bought a new position in shares of Cytokinetics during the 4th quarter worth $29,000. Quarry LP bought a new position in shares of Cytokinetics during the 3rd quarter worth $30,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cytokinetics during the 4th quarter worth $32,000.

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.