Cytokinetics (NASDAQ:CYTK) Price Target Raised to $74.00

Cytokinetics (NASDAQ:CYTK) had its price objective boosted by JPMorgan Chase & Co. from $70.00 to $74.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other research firms have also weighed in on CYTK. Jefferies Financial Group restated a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a report on Friday, January 9th. Leerink Partners set a $83.00 price objective on Cytokinetics in a research note on Monday, December 22nd. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Wednesday, October 8th. Finally, Truist Financial set a $84.00 price objective on shares of Cytokinetics in a research report on Monday, December 22nd. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.00.

Cytokinetics Price Performance

CYTK stock opened at $64.93 on Tuesday. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98. The business has a 50-day moving average price of $63.99 and a 200 day moving average price of $53.45. The company has a market capitalization of $7.94 billion, a P/E ratio of -10.32 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last posted 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 business had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $6.05 million. During the same period last year, the business posted ($1.36) EPS. The company’s revenue for the quarter was up 318.1% on a year-over-year basis. On average, analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the sale, the executive vice president owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Henderson sold 8,750 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the transaction, the director directly owned 74,578 shares of the company’s stock, valued at approximately $4,765,534.20. This represents a 10.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,544 shares of company stock worth $10,347,509 over the last ninety days. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CYTK. Quarry LP purchased a new stake in Cytokinetics during the 3rd quarter valued at about $30,000. Advisory Services Network LLC acquired a new stake in shares of Cytokinetics during the third quarter worth about $32,000. Johnson Financial Group Inc. acquired a new stake in shares of Cytokinetics during the third quarter worth about $40,000. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 673 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Cytokinetics in the 3rd quarter worth approximately $45,000.

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.