Brokerages Set Cytokinetics, Incorporated (NASDAQ:CYTK) PT at $81.60

Shares of Cytokinetics, Incorporated (NASDAQ:CYTK) have received an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $77.47.

Several equities analysts have issued reports on CYTK shares. Mizuho dropped their price objective on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. Raymond James dropped their price target on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday. Barclays reduced their price objective on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday. HC Wainwright lowered their target price on shares of Cytokinetics from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Truist Financial reiterated a “buy” rating and issued a $86.00 price target on shares of Cytokinetics in a research report on Monday, April 8th.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $48.30 on Wednesday. The stock’s 50-day simple moving average is $65.80 and its 200-day simple moving average is $63.54. The firm has a market capitalization of $5.06 billion, a PE ratio of -8.94 and a beta of 0.72. Cytokinetics has a fifty-two week low of $25.98 and a fifty-two week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period last year, the firm posted ($1.38) EPS. The company’s quarterly revenue was down 81.8% on a year-over-year basis. On average, sell-side analysts forecast that Cytokinetics will post -4.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at approximately $10,296,913.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John T. Henderson sold 10,562 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Fady Ibraham Malik sold 32,605 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,318 shares of company stock worth $6,319,540. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. purchased a new position in shares of Cytokinetics in the 4th quarter worth $46,308,000. Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after purchasing an additional 472,595 shares during the period. HealthInvest Partners AB acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $980,000. Legato Capital Management LLC acquired a new position in Cytokinetics during the fourth quarter valued at approximately $1,305,000. Finally, Victory Capital Management Inc. boosted its position in Cytokinetics by 1,040.4% during the 4th quarter. Victory Capital Management Inc. now owns 191,654 shares of the biopharmaceutical company’s stock worth $16,001,000 after purchasing an additional 174,848 shares during the period.

About Cytokinetics

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.