Cytokinetics (NASDAQ:CYTK) Stock Price Expected to Rise, Citigroup Analyst Says

Cytokinetics (NASDAQ:CYTK) had its price target upped by stock analysts at Citigroup from $99.00 to $105.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup‘s price target points to a potential upside of 95.57% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Leerink Partners cut their price target on shares of Cytokinetics from $103.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday. Needham & Company LLC boosted their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. William Blair began coverage on shares of Cytokinetics in a research report on Friday, October 16th. They issued an “outperform” rating for the company. Royal Bank Of Canada raised their target price on shares of Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Thursday, October 8th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Nineteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.67.

Cytokinetics Stock Performance

Shares of CYTK traded down $1.86 during trading hours on Thursday, hitting $53.69. The stock had a trading volume of 2,561,135 shares, compared to its average volume of 1,601,659. The company’s fifty day simple moving average is $65.68 and its 200 day simple moving average is $69.97. Cytokinetics has a 12-month low of $53.55 and a 12-month high of $88.31. The firm has a market cap of $6.68 billion, a P/E ratio of -8.89 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.43) by $0.06. The firm had revenue of $47.56 million during the quarter, compared to analysts’ expectations of $41.88 million. The business’s revenue for the quarter was up 2356.5% compared to the same quarter last year. During the same quarter last year, the business earned ($2.55) earnings per share. As a group, sell-side analysts predict that Cytokinetics will post -5.97 earnings per share for the current fiscal year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $62.81, for a total transaction of $471,075.00. Following the transaction, the chief executive officer directly owned 278,544 shares of the company’s stock, valued at approximately $17,495,348.64. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $62.93, for a total value of $220,255.00. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $9,685,052.86. This represents a 2.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 180,926 shares of company stock worth $12,510,340. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aberdeen Group plc lifted its holdings in Cytokinetics by 182.8% in the 3rd quarter. Aberdeen Group plc now owns 337,728 shares of the biopharmaceutical company’s stock worth $22,260,000 after buying an additional 218,293 shares in the last quarter. Allworth Financial LP boosted its position in Cytokinetics by 35.6% in the 3rd quarter. Allworth Financial LP now owns 732 shares of the biopharmaceutical company’s stock valued at $48,000 after buying an additional 192 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cytokinetics by 10.1% during the third quarter. Fisher Asset Management LLC now owns 818,832 shares of the biopharmaceutical company’s stock valued at $53,969,000 after acquiring an additional 75,135 shares in the last quarter. New York Life Investment Management LLC increased its position in shares of Cytokinetics by 29.3% during the third quarter. New York Life Investment Management LLC now owns 19,047 shares of the biopharmaceutical company’s stock worth $1,255,000 after acquiring an additional 4,316 shares during the last quarter. Finally, Retirement Systems of Alabama increased its position in shares of Cytokinetics by 2.1% during the third quarter. Retirement Systems of Alabama now owns 143,395 shares of the biopharmaceutical company’s stock worth $9,451,000 after acquiring an additional 2,969 shares during the last quarter.

Trending Headlines about Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target muscle function and contractility. The company applies muscle biology and sarcomere science to develop potential treatments for cardiovascular and neuromuscular diseases, including conditions in which impaired muscle performance contributes to disease progression.

Its leading investigational program is aficamten, a selective cardiac myosin inhibitor being developed for hypertrophic cardiomyopathy and other potential cardiovascular indications.