Cytokinetics (NASDAQ:CYTK) Given New $74.00 Price Target at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $70.00 to $74.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 17.32% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group set a $95.00 target price on Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Citizens Jmp increased their price objective on Cytokinetics from $78.00 to $88.00 and gave the stock a “market outperform” rating in a report on Monday, December 22nd. Morgan Stanley set a $90.00 target price on Cytokinetics in a research note on Thursday, January 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Finally, B. Riley restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of Cytokinetics in a research report on Monday, November 10th. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $86.05.

Cytokinetics Stock Up 0.8%

CYTK traded up $0.50 during trading hours on Tuesday, hitting $63.08. The stock had a trading volume of 196,726 shares, compared to its average volume of 1,805,788. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $70.98. The company’s fifty day simple moving average is $64.12 and its 200 day simple moving average is $53.10. The stock has a market cap of $7.71 billion, a PE ratio of -10.05 and a beta of 0.55.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, topping the consensus estimate of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $6.05 million. Cytokinetics’s revenue for the quarter was up 318.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.36) EPS. As a group, equities analysts expect that Cytokinetics will post -5.24 EPS for the current year.

Insider Transactions at Cytokinetics

In other news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the sale, the director owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Henderson sold 8,750 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total transaction of $559,125.00. Following the transaction, the director directly owned 74,578 shares in the company, valued at approximately $4,765,534.20. This represents a 10.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 159,544 shares of company stock worth $10,347,509. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Sanders Morris Harris LLC bought a new stake in shares of Cytokinetics during the 3rd quarter valued at about $1,182,000. Moody Aldrich Partners LLC purchased a new stake in Cytokinetics in the third quarter worth about $4,532,000. Norges Bank purchased a new stake in Cytokinetics in the second quarter worth about $39,122,000. Aberdeen Group plc boosted its position in Cytokinetics by 53.2% during the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock valued at $30,494,000 after acquiring an additional 320,508 shares in the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Cytokinetics during the 2nd quarter worth approximately $1,176,000.

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.