Cytokinetics (NASDAQ:CYTK) Stock Price Up 6.7% – Here’s Why

Cytokinetics, Incorporated (NASDAQ:CYTK) traded up 6.7% during mid-day trading on Tuesday . The stock traded as high as $77.00 and last traded at $76.1450. Approximately 2,255,021 shares traded hands during trading, an increase of 5% from the average daily volume of 2,145,973 shares. The stock had previously closed at $71.38.

Analysts Set New Price Targets

Several equities analysts have issued reports on CYTK shares. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Citizens Jmp upped their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Morgan Stanley raised their target price on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Finally, Wells Fargo & Company increased their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Stock Performance

The company has a 50 day moving average of $70.93 and a 200 day moving average of $66.20. The stock has a market capitalization of $9.80 billion, a price-to-earnings ratio of -11.52 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The company’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.36) EPS. On average, equities analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the transaction, the director directly owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $3,806,075. This represents a 21.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 113,739 shares of company stock worth $7,837,220. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors have recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC grew its holdings in Cytokinetics by 723.7% in the 2nd 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 in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth $27,000. Kestra Advisory Services LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the 4th quarter valued at about $32,000.

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.