Analysts Set Cytokinetics, Incorporated (NASDAQ:CYTK) PT at $99.90

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have been given an average rating of “Moderate Buy” by the twenty-one brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, seventeen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $99.90.

Several analysts have recently commented on the company. Truist Financial set a $106.00 price objective on Cytokinetics in a report on Tuesday, May 5th. Royal Bank Of Canada dropped their target price on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Wells Fargo & Company upped their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $69.00 to $115.00 in a report on Monday, June 29th. Finally, Citigroup initiated coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price target on the stock.

Cytokinetics Price Performance

NASDAQ CYTK opened at $77.13 on Friday. The firm has a market cap of $9.60 billion, a PE ratio of -11.28 and a beta of 0.39. The company has a 50 day moving average price of $78.75 and a 200 day moving average price of $70.43. Cytokinetics has a 52 week low of $32.89 and a 52 week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same quarter last year, the business earned ($1.36) earnings per share. Cytokinetics’s revenue was up 1112.5% on a year-over-year basis. On average, equities research analysts anticipate that Cytokinetics will post -6.2 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $12,402,962.18. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the transaction, the executive vice president owned 63,221 shares in the company, valued at $5,550,171.59. The trade was a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 118,679 shares of company stock valued at $9,396,849 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the last quarter. State Street Corp raised its position in Cytokinetics by 3.7% during the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after buying an additional 207,961 shares during the last quarter. Deep Track Capital LP raised its position in Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cytokinetics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after acquiring an additional 15,815 shares during the period. Finally, Vestal Point Capital LP lifted its stake in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after acquiring an additional 384,469 shares during the period.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: UK approval and reimbursement support: The Medicines and Healthcare products Regulatory Agency authorized MYQORZO® (aficamten) across the United Kingdom for eligible adults with symptomatic obstructive hypertrophic cardiomyopathy. NICE also recommended aficamten for use in England and Wales, potentially expanding access to roughly 6,600 NHS patients. Commercial availability is expected later this year, creating a potential new revenue stream. Cytokinetics wins UK approval, NICE backing for heart disease drug
• Positive Sentiment: Encouraging clinical evidence: The UK decisions were supported by the phase 3 SEQUOIA-HCM trial, in which aficamten significantly improved peak oxygen uptake versus placebo. This strengthens the commercial case for the company’s lead cardiovascular drug. Cytokinetics announces MHRA authorization and NICE guidance
• Positive Sentiment: Generally favorable analyst view: Brokerages maintain a consensus “Moderate Buy” rating, with a reported average price target near $99.90, above recent trading levels. Some firms have set targets between $105 and $118. Cytokinetics receives Moderate Buy consensus rating
• Neutral Sentiment: Upcoming earnings catalyst: Analysts expect CYTK could exceed estimates in its upcoming second-quarter report. However, Cytokinetics remains unprofitable, and its prior quarter reported a loss of $1.67 per share despite revenue exceeding expectations. Cytokinetics earnings expectations
• Negative Sentiment: Continued insider selling: EVP Andrew Callos sold 14,000 shares worth approximately $1.12 million, reducing his ownership by 19.3%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its value as a discretionary bearish signal, but it follows a broader pattern of insider sales without reported purchases in recent months. SEC insider trading filing

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.