Cytokinetics (NASDAQ:CYTK) Price Target Raised to $100.00

Cytokinetics (NASDAQ:CYTK) had its price target upped by Mizuho from $84.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. Mizuho currently has an outperform rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the stock. Citizens Jmp boosted their target price on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 25th. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research note on Thursday, January 8th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Robert W. Baird set a $84.00 price target on Cytokinetics in a research note on Tuesday, March 10th. Finally, Barclays started coverage on Cytokinetics in a research report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price target on the stock. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.89.

Cytokinetics Trading Down 2.0%

Shares of Cytokinetics stock opened at $61.70 on Wednesday. The firm’s 50 day simple moving average is $63.77 and its two-hundred day simple moving average is $61.13. The firm has a market capitalization of $7.60 billion, a price-to-earnings ratio of -9.45 and a beta of 0.56. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. During the same quarter in the previous year, the business earned ($1.26) earnings per share. Cytokinetics’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, EVP Sung Lee sold 4,935 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $306,710.25. Following the completion of the transaction, the executive vice president owned 87,127 shares in the company, valued at approximately $5,414,943.05. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the sale, the chief executive officer directly owned 430,330 shares in the company, valued at approximately $26,745,009.50. The trade was a 7.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 159,663 shares of company stock worth $9,944,292 over the last quarter. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its stake in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Cytokinetics in the fourth quarter valued at $27,000. Kestra Advisory Services LLC purchased a new stake in Cytokinetics during the 4th quarter worth about $29,000. Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter worth about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Cytokinetics in the fourth quarter valued at $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.