Barclays Cuts Cytokinetics (NASDAQ:CYTK) Price Target to $95.00

Cytokinetics (NASDAQ:CYTK) had its price target reduced by Barclays from $100.00 to $95.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued reports about the company. HC Wainwright restated a buy rating and issued a $94.00 price objective on shares of Cytokinetics in a report on Tuesday, May 14th. UBS Group cut shares of Cytokinetics from a buy rating to a neutral rating and lifted their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Oppenheimer dropped their price objective on shares of Cytokinetics from $107.00 to $106.00 and set an outperform rating for the company in a research report on Thursday, May 9th. JMP Securities cut their target price on shares of Cytokinetics from $110.00 to $106.00 and set a market outperform rating on the stock in a research note on Thursday, May 9th. Finally, Truist Financial reaffirmed a buy rating and set a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Cytokinetics presently has an average rating of Moderate Buy and an average price target of $77.47.

Cytokinetics Stock Performance

CYTK opened at $48.30 on Thursday. Cytokinetics has a 1 year low of $25.98 and a 1 year high of $110.25. The company’s 50 day simple moving average is $65.80 and its 200 day simple moving average is $63.94. The stock has a market capitalization of $5.06 billion, a PE ratio of -8.94 and a beta of 0.72.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. The firm’s revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.38) EPS. As a group, sell-side analysts expect that Cytokinetics will post -4.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now owns 32,070 shares in the company, valued at $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the transaction, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John T. Henderson sold 10,562 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now owns 32,070 shares of the company’s stock, valued at $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold a total of 91,318 shares of company stock valued at $6,319,540 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its position in shares of Cytokinetics by 94.1% in the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 318 shares during the last quarter. GAMMA Investing LLC bought a new position in Cytokinetics in the fourth quarter worth about $80,000. EntryPoint Capital LLC acquired a new position in Cytokinetics in the first quarter valued at approximately $74,000. Bessemer Group Inc. grew its holdings in shares of Cytokinetics by 25,100.0% during the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC acquired a new stake in shares of Cytokinetics during the 4th quarter worth approximately $204,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.