Citizens Jmp Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its price objective raised by equities researchers at Citizens Jmp from $78.00 to $88.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the biopharmaceutical company’s stock. Citizens Jmp’s price objective would suggest a potential upside of 40.32% from the company’s current price.

A number of other analysts have also weighed in on the stock. Bank of America increased their price objective on shares of Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Stifel Nicolaus increased their price target on Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday, September 2nd. The Goldman Sachs Group set a $95.00 price objective on Cytokinetics and gave the company a “buy” rating in a report on Thursday. Evercore ISI upped their target price on Cytokinetics from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Finally, B. Riley reaffirmed a “buy” rating and set a $90.00 target price (up from $80.00) on shares of Cytokinetics in a report on Monday, November 10th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Cytokinetics Stock Up 0.8%

Shares of NASDAQ:CYTK opened at $62.72 on Monday. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $69.33. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of -9.97 and a beta of 0.58. The business has a 50-day moving average price of $62.71 and a 200-day moving average price of $48.65.

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

Insider Buying and Selling

In other news, EVP Andrew Callos sold 1,042 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $65.96, for a total value of $68,730.32. Following the completion of the sale, the executive vice president directly owned 50,660 shares in the company, valued at $3,341,533.60. The trade was a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the transaction, the executive vice president owned 138,552 shares in the company, valued at $8,484,924.48. The trade was a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 150,494 shares of company stock valued at $9,586,778 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hudson Bay Capital Management LP increased its stake in shares of Cytokinetics by 15.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after acquiring an additional 24,345 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in Cytokinetics in the 3rd quarter valued at about $283,000. CIBC Private Wealth Group LLC lifted its position in Cytokinetics by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock valued at $191,000 after buying an additional 261 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in Cytokinetics during the third quarter worth about $684,000. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Cytokinetics during the third quarter valued at about $261,000.

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.