Cytokinetics (NASDAQ:CYTK) Sets New 52-Week High on Analyst Upgrade

Cytokinetics, Incorporated (NASDAQ:CYTK) hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $82.00 to $87.00. Royal Bank Of Canada currently has an outperform rating on the stock. Cytokinetics traded as high as $64.99 and last traded at $64.7350, with a volume of 487168 shares traded. The stock had previously closed at $62.20.

Several other equities analysts have also recently commented on the stock. Raymond James Financial began coverage on shares of Cytokinetics in a research report on Wednesday, July 30th. They issued a “market perform” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research note on Wednesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Tuesday, October 21st. JMP Securities restated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Tuesday, September 2nd. Finally, B. Riley reiterated a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of Cytokinetics in a research report on Monday. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.86.

Insider Transactions at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,295 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $59.55, for a total value of $136,667.25. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at $8,373,325.50. This trade represents a 1.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward M. Md Kaye sold 6,757 shares of Cytokinetics stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $60.00, for a total transaction of $405,420.00. Following the sale, the director owned 9,778 shares in the company, valued at approximately $586,680. This represents a 40.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,983 shares of company stock worth $3,165,356 in the last 90 days. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several large investors have recently modified their holdings of the business. Aberdeen Group plc grew its holdings in Cytokinetics by 53.2% during the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock worth $30,494,000 after acquiring an additional 320,508 shares during the period. Zweig DiMenna Associates LLC bought a new position in Cytokinetics in the second quarter worth approximately $1,176,000. Mirador Capital Partners LP grew its position in Cytokinetics by 45.6% in the 2nd quarter. Mirador Capital Partners LP now owns 144,347 shares of the biopharmaceutical company’s stock valued at $4,769,000 after purchasing an additional 45,222 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in shares of Cytokinetics by 50.6% during the second quarter. State of New Jersey Common Pension Fund D now owns 61,783 shares of the biopharmaceutical company’s stock valued at $2,041,000 after buying an additional 20,751 shares during the last quarter. Finally, United Services Automobile Association acquired a new position in Cytokinetics during the 1st quarter valued at about $331,000.

Cytokinetics Stock Performance

The business has a 50 day simple moving average of $55.80 and a 200-day simple moving average of $42.28. The firm has a market cap of $7.94 billion, a price-to-earnings ratio of -12.71 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.59) by $0.05. The company had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $6.05 million. During the same period in the previous year, the firm earned ($1.36) EPS. The firm’s quarterly revenue was up 318.1% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

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.