Cytokinetics (NASDAQ:CYTK) Given New $95.00 Price Target at Barclays

Cytokinetics (NASDAQ:CYTK) had its price target upped by equities researchers at Barclays from $87.00 to $95.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. Barclays‘s target price would indicate a potential upside of 45.45% from the stock’s previous close.

CYTK has been the topic of several other research reports. HC Wainwright boosted their target price on Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Royal Bank Of Canada lifted their price target on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Citizens Jmp boosted their price objective on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Robert W. Baird set a $84.00 price objective on Cytokinetics in a report on Tuesday, March 10th. Finally, UBS Group lifted their target price on Cytokinetics from $61.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, March 6th. Seventeen equities 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.32.

Cytokinetics Trading Down 2.1%

Cytokinetics stock traded down $1.42 during midday trading on Monday, reaching $65.32. 137,576 shares of the stock traded hands, compared to its average volume of 1,912,157. Cytokinetics has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of -10.01 and a beta of 0.47. The firm has a fifty day moving average price of $63.81 and a two-hundred day moving average price of $62.20.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $8.02 million. During the same quarter in the previous year, the business posted ($1.26) earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at $9,565,009.30. This trade represents a 7.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 36,601 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $2,274,752.15. Following the transaction, the chief executive officer directly owned 430,330 shares of the company’s stock, valued at $26,745,009.50. This represents a 7.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 121,056 shares of company stock valued at $7,491,747 in the last three months. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Cytokinetics

Several institutional investors have recently made changes to their positions in CYTK. Woodline Partners LP raised its position in Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares in the last quarter. Norges Bank acquired a new position in shares of Cytokinetics in the 2nd quarter worth approximately $39,122,000. Deep Track Capital LP raised its holdings in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after buying an additional 565,393 shares during the period. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Cytokinetics in the 2nd quarter valued at $18,328,000.

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.