Cytokinetics (NASDAQ:CYTK) Reaches New 1-Year High – What’s Next?

Cytokinetics, Incorporated (NASDAQ:CYTK) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $80.80 and last traded at $78.9310, with a volume of 208890 shares trading hands. The stock had previously closed at $78.78.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CYTK shares. Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Morgan Stanley boosted their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. HC Wainwright increased their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Leerink Partners reiterated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Citizens Jmp boosted their price target 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. Two research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Cytokinetics Stock Down 0.1%

The company has a market capitalization of $9.79 billion, a PE ratio of -11.49 and a beta of 0.42. The company has a 50-day moving average price of $71.45 and a two-hundred day moving average price of $66.37.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the company posted ($1.36) EPS. The business’s revenue for the quarter was up 1112.5% on a year-over-year basis. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the sale, the chief executive officer directly owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 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 transaction of $1,111,200.00. Following the completion of the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,337,754.40. This trade represents a 20.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 113,739 shares of company stock valued at $7,837,220. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CYTK. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics in the fourth quarter worth $27,000. Kestra Advisory Services LLC purchased a new position in Cytokinetics during the fourth quarter worth about $29,000. TD Waterhouse Canada Inc. bought a new position in Cytokinetics in the 4th quarter worth about $32,000. Northwestern Mutual Wealth Management Co. increased its stake in Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics in the 3rd quarter valued at about $30,000.

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.