Cytokinetics (NASDAQ:CYTK) Given New $106.00 Price Target at JMP Securities

Cytokinetics (NASDAQ:CYTK) had its price objective reduced by equities research analysts at JMP Securities from $110.00 to $106.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price target suggests a potential upside of 65.57% from the stock’s previous close.

Several other research firms also recently weighed in on CYTK. Truist Financial reissued a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a report on Monday, April 8th. Mizuho reduced their price objective on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $108.00 price target on shares of Cytokinetics in a research report on Thursday. UBS Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and upped their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Finally, Oppenheimer reduced their target price on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus price target of $81.60.

Cytokinetics Trading Down 1.9 %

NASDAQ:CYTK traded down $1.25 during mid-day trading on Thursday, hitting $64.02. The stock had a trading volume of 2,404,732 shares, compared to its average volume of 2,738,094. The stock has a 50-day simple moving average of $67.82 and a two-hundred day simple moving average of $61.66. The company has a market capitalization of $6.70 billion, a PE ratio of -11.86 and a beta of 0.72. Cytokinetics has a twelve month low of $25.98 and a twelve month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. The company’s quarterly revenue was down 81.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.38) earnings per share. Sell-side analysts predict that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the sale, the executive vice president now directly owns 137,056 shares of the company’s stock, valued at approximately $8,923,716.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 15,547 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the sale, the executive vice president now directly owns 137,056 shares of the company’s stock, valued at approximately $8,923,716.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,318 shares of company stock valued at $6,701,940. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its stake in shares of Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 318 shares during the period. GAMMA Investing LLC purchased a new position in shares of Cytokinetics in the fourth quarter valued at $80,000. Sage Rhino Capital LLC purchased a new position in Cytokinetics in the 4th quarter valued at about $204,000. China Universal Asset Management Co. Ltd. boosted its position in Cytokinetics by 96.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock valued at $73,000 after buying an additional 1,209 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Cytokinetics in the 4th quarter valued at about $216,000.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.