Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $100.00 Consensus PT from Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has been given a consensus recommendation of “Moderate Buy” by the twenty-two ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $99.90.

Several equities research analysts have weighed in on CYTK shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Needham & Company LLC restated a “buy” rating and set a $102.00 target price on shares of Cytokinetics in a report on Wednesday, June 17th. Stifel Nicolaus lifted their price objective on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada dropped their target price on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Finally, Barclays lifted their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th.

Cytokinetics Price Performance

Shares of NASDAQ CYTK opened at $84.87 on Monday. The stock has a market capitalization of $10.56 billion, a P/E ratio of -12.41 and a beta of 0.42. The firm’s 50 day simple moving average is $77.25 and its two-hundred day simple moving average is $68.59. Cytokinetics has a one year low of $32.89 and a one year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.36) earnings per share. As a group, equities analysts expect that Cytokinetics will post -6.22 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total transaction of $447,150.00. Following the completion of the transaction, the chief executive officer owned 407,830 shares in the company, valued at $24,314,824.60. This trade represents a 1.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 142,985 shares of company stock worth $10,413,592. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CYTK. Vanguard Group Inc. boosted its position in shares of Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the period. Hudson Bay Capital Management LP raised its position in shares of Cytokinetics by 15.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after purchasing an additional 24,345 shares during the period. Cinctive Capital Management LP purchased a new position in shares of Cytokinetics during the 3rd quarter valued at $5,806,000. Boxer Capital Management LLC bought a new position in Cytokinetics in the 3rd quarter worth $10,992,000. Finally, Foresite Capital Management IV LLC bought a new position in Cytokinetics in the 3rd quarter worth $25,188,000.

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.