Cytokinetics (NASDAQ:CYTK) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Cytokinetics (NASDAQ:CYTK) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $50.00 price target on the biopharmaceutical company’s stock.

CYTK has been the topic of several other reports. SVB Leerink assumed coverage on Cytokinetics in a research note on Tuesday, August 15th. They set an outperform rating and a $58.00 target price on the stock. B. Riley assumed coverage on Cytokinetics in a report on Tuesday, November 7th. They issued a buy rating and a $66.00 target price on the stock. Leerink Partnrs restated an outperform rating on shares of Cytokinetics in a report on Tuesday, August 15th. Cantor Fitzgerald lifted their price target on Cytokinetics from $59.00 to $65.00 and gave the stock an overweight rating in a research report on Monday, October 9th. Finally, Needham & Company LLC reissued a buy rating and set a $60.00 price objective on shares of Cytokinetics in a research report on Friday, October 20th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Cytokinetics currently has an average rating of Moderate Buy and a consensus target price of $59.87.

Cytokinetics Stock Down 1.8 %

Shares of Cytokinetics stock opened at $32.50 on Thursday. The company’s fifty day simple moving average is $32.96 and its two-hundred day simple moving average is $34.49. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $47.49. The firm has a market cap of $3.19 billion, a PE ratio of -5.89 and a beta of 0.63.

Insider Buying and Selling

In other Cytokinetics news, Director Wendall Wierenga sold 6,020 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $32.02, for a total transaction of $192,760.40. Following the completion of the sale, the director now directly owns 18,205 shares in the company, valued at approximately $582,924.10. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Wendall Wierenga sold 6,020 shares of Cytokinetics stock in a transaction on Monday, August 21st. The stock was sold at an average price of $32.02, for a total value of $192,760.40. Following the completion of the sale, the director now owns 18,205 shares of the company’s stock, valued at $582,924.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $33.99, for a total value of $424,875.00. Following the completion of the transaction, the chief executive officer now directly owns 441,417 shares in the company, valued at approximately $15,003,763.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,020 shares of company stock worth $2,517,635. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Cytokinetics

Institutional investors and hedge funds have recently made changes to their positions in the business. Belpointe Asset Management LLC raised its position in Cytokinetics by 76.2% in the first quarter. Belpointe Asset Management LLC now owns 786 shares of the biopharmaceutical company’s stock worth $28,000 after acquiring an additional 340 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Cytokinetics by 33.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 1,282 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 321 shares during the period. Archer Investment Corp purchased a new position in Cytokinetics during the first quarter valued at $51,000. Natixis bought a new stake in Cytokinetics during the fourth quarter valued at about $73,000. Finally, West Tower Group LLC purchased a new stake in Cytokinetics in the second quarter worth about $62,000.

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.