Cytokinetics (NASDAQ:CYTK) Trading 6.7% Higher – Time to Buy?

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price rose 6.7% during trading on Tuesday . The stock traded as high as $77.00 and last traded at $76.1450. Approximately 2,255,021 shares changed hands during trading, an increase of 5% from the average daily volume of 2,145,973 shares. The stock had previously closed at $71.38.

Analysts Set New Price Targets

CYTK has been the topic of several research analyst reports. HC Wainwright boosted their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Barclays boosted their price target on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Robert W. Baird set a $84.00 target price on Cytokinetics in a research note on Tuesday, March 10th. Royal Bank Of Canada upped their target price on Cytokinetics from $101.00 to $119.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Up 7.1%

The business has a 50 day moving average of $70.50 and a 200-day moving average of $66.08. The stock has a market cap of $9.51 billion, a PE ratio of -11.15 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results 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 company had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the previous year, the company posted ($1.36) EPS. Cytokinetics’s quarterly revenue was up 1112.5% compared to the same quarter last year. On average, equities research analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In related news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. This represents a 24.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 115,669 shares of company stock worth $7,957,015. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics in the fourth quarter valued at $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Cytokinetics during the 4th quarter worth $29,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics during the 4th quarter worth $32,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after buying an additional 171 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of Cytokinetics during the 3rd quarter worth $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.