Cytokinetics (NASDAQ:CYTK) Given New $103.00 Price Target at JPMorgan Chase & Co.

Cytokinetics (NASDAQ:CYTK) had its price target boosted by research analysts at JPMorgan Chase & Co. from $97.00 to $103.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 37.04% from the stock’s previous close.

Several other brokerages have also issued reports on CYTK. Royal Bank Of Canada lowered their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a research note on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Barclays reaffirmed an “overweight” rating and set a $110.00 price objective on shares of Cytokinetics in a report on Thursday. Finally, UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and upped their price target for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and a consensus target price of $102.20.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded down $0.48 on Thursday, reaching $75.16. 429,149 shares of the company traded hands, compared to its average volume of 2,164,161. The company has a 50 day moving average of $79.19 and a 200 day moving average of $71.22. Cytokinetics has a 52 week low of $35.22 and a 52 week high of $88.31. The firm has a market capitalization of $9.35 billion, a PE ratio of -10.39 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same period last year, the firm posted ($1.12) EPS. The company’s revenue for the quarter was down 57.1% compared to the same quarter last year. As a group, analysts anticipate that Cytokinetics will post -6.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the completion of the sale, the director owned 15,784 shares in the company, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $84.92, for a total value of $636,900.00. Following the transaction, the chief executive officer directly owned 377,830 shares of the company’s stock, valued at $32,085,323.60. The trade was a 1.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 115,179 shares of company stock worth $9,117,354 in the last ninety days. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cytokinetics

Several hedge funds have recently bought and sold shares of CYTK. Bank of Montreal Can grew its stake in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock worth $845,000 after purchasing an additional 160 shares during the period. Kennedy Capital Management LLC raised its holdings in Cytokinetics by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after purchasing an additional 162 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares during the period. Vident Advisory LLC lifted its position in Cytokinetics by 1.4% during the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after buying an additional 234 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Cytokinetics by 6.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock valued at $237,000 after buying an additional 239 shares in the last quarter.

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.