Cytokinetics (NASDAQ:CYTK) has been assigned a $23.00 target price by investment analysts at JMP Securities in a report issued on Friday, The Fly reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. JMP Securities’ target price suggests a potential upside of 76.92% from the company’s current price.
Several other analysts have also weighed in on the company. Zacks Investment Research raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Thursday. Morgan Stanley set a $16.00 price objective on Cytokinetics and gave the company a “hold” rating in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective (up from $14.00) on shares of Cytokinetics in a research note on Friday, September 6th. BidaskClub lowered Cytokinetics from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Needham & Company LLC set a $16.00 price objective on Cytokinetics and gave the company a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cytokinetics presently has a consensus rating of “Buy” and a consensus price target of $18.71.
NASDAQ:CYTK traded up $0.61 during trading hours on Friday, hitting $13.00. The company’s stock had a trading volume of 19,834 shares, compared to its average volume of 351,227. The stock has a fifty day simple moving average of $13.20 and a 200-day simple moving average of $10.36. The company has a market capitalization of $739.35 million, a P/E ratio of -6.67 and a beta of 1.64. The company has a debt-to-equity ratio of 12.35, a current ratio of 8.42 and a quick ratio of 8.42. Cytokinetics has a twelve month low of $5.75 and a twelve month high of $14.94.
In other Cytokinetics news, CEO Robert I. Blum sold 6,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $12.64, for a total value of $75,840.00. Following the completion of the transaction, the chief executive officer now directly owns 250,022 shares in the company, valued at $3,160,278.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 16,500 shares of company stock valued at $199,185 over the last quarter. Corporate insiders own 5.70% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CYTK. Bank of America Corp DE raised its position in Cytokinetics by 303.8% in the fourth quarter. Bank of America Corp DE now owns 43,462 shares of the biopharmaceutical company’s stock valued at $275,000 after purchasing an additional 32,699 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Cytokinetics by 59,718.8% in the first quarter. BNP Paribas Arbitrage SA now owns 9,571 shares of the biopharmaceutical company’s stock valued at $77,000 after purchasing an additional 9,555 shares during the last quarter. Bank of Montreal Can raised its position in Cytokinetics by 109.5% in the first quarter. Bank of Montreal Can now owns 3,321 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 1,736 shares during the last quarter. SG Americas Securities LLC bought a new position in Cytokinetics in the first quarter valued at about $151,000. Finally, Comerica Bank raised its position in Cytokinetics by 3.5% in the first quarter. Comerica Bank now owns 54,154 shares of the biopharmaceutical company’s stock valued at $472,000 after purchasing an additional 1,808 shares during the last quarter. Hedge funds and other institutional investors own 74.57% of the company’s stock.
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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