Cytokinetics (NASDAQ:CYTK) Reaches New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Morgan Stanley boosted their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Barclays boosted their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Citizens Jmp raised their price target on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Monday, May 18th. They issued a “buy” rating and a $99.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.30.

Cytokinetics Stock Up 1.1%

The company has a market capitalization of $9.96 billion, a PE ratio of -11.70 and a beta of 0.42. The firm’s 50 day simple moving average is $72.05 and its 200 day simple moving average is $66.58.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period in the prior year, the company posted ($1.36) EPS. The company’s revenue was up 1112.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer directly owned 385,330 shares in the company, valued at approximately $27,150,351.80. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 117,239 shares of company stock worth $8,115,505 over the last three months. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of CYTK. Seven Fleet Capital Management LP lifted its position in shares of Cytokinetics by 492.8% during the first quarter. Seven Fleet Capital Management LP now owns 61,269 shares of the biopharmaceutical company’s stock worth $4,038,000 after purchasing an additional 50,934 shares during the last quarter. Western Wealth Management LLC bought a new position in shares of Cytokinetics in the first quarter worth about $53,000. Cim Investment Management Inc. purchased a new position in Cytokinetics in the 1st quarter worth about $308,000. Janus Henderson Group PLC increased its position in shares of Cytokinetics by 10.1% during the first quarter. Janus Henderson Group PLC now owns 282,121 shares of the biopharmaceutical company’s stock worth $18,593,000 after acquiring an additional 25,909 shares during the period. Finally, Encore Global Management LP bought a new stake in Cytokinetics during the 1st quarter valued at $330,000.

Cytokinetics Company Profile

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.