Cytokinetics (NASDAQ:CYTK) Price Target Raised to $71.00

Cytokinetics (NASDAQ:CYTK) had its target price increased by Barclays from $53.00 to $71.00 in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus boosted their target price on Cytokinetics from $87.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 10th. Royal Bank Of Canada cut their target price on Cytokinetics from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Mizuho lowered their price target on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Cytokinetics from $71.00 to $53.00 and set an “overweight” rating on the stock in a report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $75.38.

Cytokinetics Stock Up 6.6%

Shares of NASDAQ CYTK opened at $53.01 on Wednesday. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $59.39. The stock’s 50 day moving average price is $37.62 and its 200-day moving average price is $37.80. The company has a market capitalization of $6.34 billion, a PE ratio of -10.39 and a beta of 0.62.

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

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total transaction of $76,620.00. Following the sale, the executive vice president owned 140,610 shares of the company’s stock, valued at $5,386,769.10. The trade was a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total transaction of $182,250.00. Following the transaction, the chief executive officer owned 388,108 shares of the company’s stock, valued at $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,756 shares of company stock valued at $1,171,560 in the last 90 days. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 291 shares in the last quarter. State of Michigan Retirement System grew its position in shares of Cytokinetics by 1.1% during the 1st quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock valued at $1,133,000 after purchasing an additional 300 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Cytokinetics by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock valued at $1,330,000 after purchasing an additional 300 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of Cytokinetics by 1.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after purchasing an additional 341 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Cytokinetics by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock valued at $555,000 after purchasing an additional 365 shares in the last quarter.

Cytokinetics Company Profile

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.