Evercore ISI Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its target price raised by equities research analysts at Evercore ISI from $60.00 to $80.00 in a research note issued on Wednesday, Marketbeat reports. The firm currently has an “outperform” rating on the biopharmaceutical company’s stock. Evercore ISI’s target price indicates a potential upside of 60.80% from the company’s previous close.

Several other brokerages have also issued reports on CYTK. Mizuho cut their price target on Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a research note on Thursday, May 29th. Royal Bank Of Canada cut their target price on shares of Cytokinetics from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Citigroup lifted their price target on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday. Stifel Nicolaus boosted their price target on shares of Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, JMP Securities restated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Cytokinetics Trading Down 0.5%

CYTK opened at $49.75 on Wednesday. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $59.39. The firm has a 50-day moving average price of $37.23 and a two-hundred day moving average price of $37.75. The stock has a market capitalization of $5.95 billion, a PE ratio of -9.75 and a beta of 0.62.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. During the same period in the prior year, the business earned ($1.31) EPS. The business’s revenue for the quarter was up 26727.3% on a year-over-year basis. On average, research analysts predict that Cytokinetics will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the transaction, the chief executive officer owned 393,108 shares in the company, valued at $14,997,070.20. The trade was a 1.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total value of $337,800.00. Following the sale, the director directly owned 23,230 shares of the company’s stock, valued at approximately $1,161,500. The trade was a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,756 shares of company stock valued at $1,171,560. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its position in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares in the last quarter. Fifth Third Bancorp lifted its position in Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 291 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in Cytokinetics by 2,872.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 1,264 shares during the period. Parallel Advisors LLC boosted its stake in Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 916 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 826 shares in the last quarter.

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.