Cytokinetics (NASDAQ:CYTK) Given New $75.00 Price Target at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK) had its price objective raised by stock analysts at JPMorgan Chase & Co. from $74.00 to $75.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 21.22% from the company’s previous close.

Several other analysts also recently issued reports on the company. Needham & Company LLC raised their price target on Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. HC Wainwright upped their price objective on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Morgan Stanley set a $90.00 target price on Cytokinetics in a research note on Thursday, January 8th. UBS Group boosted their price target on shares of Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Finally, The Goldman Sachs Group set a $95.00 price target on shares of Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Seventeen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus price target of $89.05.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded up $1.04 during trading on Tuesday, reaching $61.87. 673,425 shares of the company’s stock traded hands, compared to its average volume of 1,841,066. The stock has a market capitalization of $7.62 billion, a P/E ratio of -9.49 and a beta of 0.56. Cytokinetics has a 12 month low of $29.31 and a 12 month high of $70.98. The company has a 50 day moving average of $63.91 and a 200-day moving average of $60.74.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter in the prior year, the company earned ($1.26) earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 7,931 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $60.72, for a total transaction of $481,570.32. Following the transaction, the chief executive officer owned 391,673 shares of the company’s stock, valued at approximately $23,782,384.56. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the sale, the director owned 32,444 shares in the company, valued at $2,145,846.16. This trade represents a 38.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 95,622 shares of company stock worth $5,964,298. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytokinetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Cytokinetics during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth $29,000. Quarry LP bought a new stake in shares of Cytokinetics in the 3rd quarter worth $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the fourth quarter valued at $32,000.

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.