Citizens Jmp Boosts Cytokinetics (NASDAQ:CYTK) Price Target to $88.00

Cytokinetics (NASDAQ:CYTK) had its target price upped by stock analysts at Citizens Jmp from $78.00 to $88.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “market outperform” rating on the biopharmaceutical company’s stock. Citizens Jmp’s target price would indicate a potential upside of 40.32% from the company’s current price.

A number of other analysts have also issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research note on Friday, December 12th. HC Wainwright lifted their price objective on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, October 8th. Citigroup reissued an “outperform” rating on shares of Cytokinetics in a research report on Monday. Finally, Wall Street Zen lowered Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Cytokinetics Stock Up 0.8%

NASDAQ:CYTK opened at $62.72 on Monday. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $69.33. The stock’s fifty day moving average is $62.71 and its two-hundred day moving average is $48.65. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of -9.97 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $6.05 million. During the same quarter in the prior year, the firm posted ($1.36) EPS. Cytokinetics’s quarterly revenue was up 318.1% compared to the same quarter last year. On average, sell-side analysts expect that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 2,200 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the completion of the transaction, the executive vice president owned 138,552 shares in the company, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John T. Henderson sold 8,750 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total value of $559,125.00. Following the completion of the sale, the director owned 74,578 shares in the company, valued at approximately $4,765,534.20. This represents a 10.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 150,494 shares of company stock worth $9,586,778. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. HighTower Advisors LLC grew its position in shares of Cytokinetics by 21.8% in the 1st quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company’s stock valued at $456,000 after buying an additional 2,029 shares during the last quarter. American Century Companies Inc. increased its position in shares of Cytokinetics by 1.3% during the first quarter. American Century Companies Inc. now owns 361,388 shares of the biopharmaceutical company’s stock worth $14,524,000 after purchasing an additional 4,812 shares in the last quarter. Capital Fund Management S.A. lifted its holdings in shares of Cytokinetics by 36.6% in the 1st quarter. Capital Fund Management S.A. now owns 55,264 shares of the biopharmaceutical company’s stock valued at $2,221,000 after purchasing an additional 14,818 shares during the last quarter. CW Advisors LLC purchased a new stake in shares of Cytokinetics in the 1st quarter valued at about $1,125,000. Finally, AlphaQuest LLC boosted its position in shares of Cytokinetics by 485.4% in the 1st quarter. AlphaQuest LLC now owns 6,650 shares of the biopharmaceutical company’s stock valued at $267,000 after purchasing an additional 5,514 shares during the period.

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.