Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) Target Price at $87.42

Cytokinetics, Incorporated (NASDAQ:CYTK) has been given an average recommendation of “Moderate Buy” by the twenty-one ratings firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $87.4211.

Several equities research analysts have recently commented on the stock. Barclays initiated coverage on shares of Cytokinetics in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price on the stock. Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a research note on Thursday, January 8th. Wall Street Zen lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Citizens Jmp boosted their target price on Cytokinetics from $78.00 to $88.00 and gave the stock a “market outperform” rating in a report on Monday, December 22nd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a report on Friday, January 9th.

Cytokinetics Price Performance

Shares of CYTK stock opened at $62.34 on Friday. The stock’s fifty day simple moving average is $63.35 and its 200 day simple moving average is $55.75. Cytokinetics has a one year low of $29.31 and a one year high of $70.98. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of -9.91 and a beta of 0.54.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the sale, the director owned 32,444 shares of the company’s stock, valued at $2,145,846.16. This represents a 38.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the transaction, the executive vice president directly owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. This represents a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 163,760 shares of company stock worth $10,623,787. Insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Legato Capital Management LLC raised its position in Cytokinetics by 81.5% in the 4th quarter. Legato Capital Management LLC now owns 31,948 shares of the biopharmaceutical company’s stock worth $2,030,000 after purchasing an additional 14,345 shares during the last quarter. PSP Research LLC acquired a new stake in shares of Cytokinetics in the 4th quarter valued at $528,000. Intrust Bank NA raised its position in shares of Cytokinetics by 13.5% during the fourth quarter. Intrust Bank NA now owns 5,169 shares of the biopharmaceutical company’s stock worth $328,000 after acquiring an additional 616 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Cytokinetics by 40.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,524 shares of the biopharmaceutical company’s stock worth $542,000 after acquiring an additional 2,475 shares during the last quarter. Finally, Profund Advisors LLC lifted its stake in shares of Cytokinetics by 52.9% during the fourth quarter. Profund Advisors LLC now owns 39,642 shares of the biopharmaceutical company’s stock valued at $2,519,000 after acquiring an additional 13,712 shares during the period.

Cytokinetics Company Profile

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.