Mizuho Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $100.00

Cytokinetics (NASDAQ:CYTK) had its target price upped by Mizuho from $84.00 to $100.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s target price would suggest a potential upside of 59.83% from the stock’s current price.

CYTK has been the topic of a number of other research reports. Citizens Jmp lifted their price objective on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th. JPMorgan Chase & Co. raised their price target on shares of Cytokinetics from $74.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research note on Wednesday, January 21st. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a research report on Tuesday, March 10th. Finally, Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Seventeen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.89.

Cytokinetics Stock Performance

Cytokinetics stock traded up $0.44 during trading on Wednesday, reaching $62.57. 1,018,798 shares of the company’s stock were exchanged, compared to its average volume of 1,876,245. Cytokinetics has a 52-week low of $29.31 and a 52-week high of $70.98. The firm has a market cap of $7.71 billion, a price-to-earnings ratio of -9.58 and a beta of 0.56. The company’s 50-day moving average is $63.86 and its two-hundred day moving average is $60.93.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. Cytokinetics’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.26) EPS. Analysts anticipate that Cytokinetics will post -5.24 EPS for the current year.

Insider Activity at Cytokinetics

In other news, Director Wendell Wierenga sold 20,000 shares of the business’s stock in a transaction dated 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. The trade was a 38.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew Callos sold 26,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at approximately $3,120,722.80. This trade represents a 34.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 95,622 shares of company stock valued at $5,964,298 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings 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 purchasing an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth approximately $29,000. Quarry LP bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Cytokinetics during the 4th quarter valued at approximately $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.