Cytokinetics (NASDAQ:CYTK) Stock Price Expected to Rise, Bank of America Analyst Says

Cytokinetics (NASDAQ:CYTK) had its target price raised by Bank of America from $52.00 to $56.00 in a research report sent to investors on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the biopharmaceutical company’s stock.

Several other equities analysts have also issued reports on CYTK. JMP Securities reissued a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Tuesday, September 2nd. Evercore ISI boosted their target price on Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Stifel Nicolaus increased their price target on Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Barclays lifted their price objective on Cytokinetics from $53.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. Finally, B. Riley increased their target price on Cytokinetics from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $75.86.

Cytokinetics Price Performance

Shares of CYTK stock opened at $56.97 on Thursday. The stock has a market cap of $6.82 billion, a PE ratio of -11.17 and a beta of 0.67. The stock has a 50-day moving average of $43.64 and a 200-day moving average of $38.58. Cytokinetics has a one year low of $29.31 and a one year high of $59.39.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same quarter in the prior year, the firm posted ($1.31) EPS. The firm’s revenue for the quarter was up 26727.3% compared to the same quarter last year. As a group, research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $49.28, for a total value of $98,560.00. Following the sale, the executive vice president owned 140,610 shares in the company, valued at $6,929,260.80. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward M. Md Kaye sold 6,695 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $55.08, for a total value of $368,760.60. Following the completion of the sale, the director directly owned 16,535 shares of the company’s stock, valued at approximately $910,747.80. The trade was a 28.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,451 shares of company stock valued at $2,096,561. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Cytokinetics by 109.4% in the third quarter. GAMMA Investing LLC now owns 1,472 shares of the biopharmaceutical company’s stock valued at $81,000 after purchasing an additional 769 shares during the period. Praxis Investment Management Inc. acquired a new position in Cytokinetics in the 3rd quarter valued at about $224,000. Thrivent Financial for Lutherans raised its holdings in Cytokinetics by 1.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company’s stock valued at $929,000 after acquiring an additional 449 shares during the period. Hudson Bay Capital Management LP raised its holdings in Cytokinetics by 7.1% in the 2nd quarter. Hudson Bay Capital Management LP now owns 157,786 shares of the biopharmaceutical company’s stock valued at $5,213,000 after acquiring an additional 10,523 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in Cytokinetics by 13.8% during the second quarter. CANADA LIFE ASSURANCE Co now owns 78,544 shares of the biopharmaceutical company’s stock worth $2,596,000 after acquiring an additional 9,512 shares during the last quarter.

About Cytokinetics

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.