Cytokinetics (NASDAQ:CYTK) Price Target Raised to $56.00 at Bank of America

Cytokinetics (NASDAQ:CYTK) had its target price increased by Bank of America from $52.00 to $56.00 in a report released on Thursday,Benzinga reports. Bank of America currently has a neutral rating on the biopharmaceutical company’s stock.

A number of other research analysts have also issued reports on CYTK. Raymond James Financial initiated coverage on Cytokinetics in a research report on Wednesday, July 30th. They set a “market perform” rating for the company. Wall Street Zen upgraded Cytokinetics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 10th. B. Riley lifted their target price on Cytokinetics from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Evercore ISI lifted their target price on Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $75.86.

Cytokinetics Trading Up 0.9%

Shares of CYTK opened at $56.32 on Thursday. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of -11.04 and a beta of 0.67. The stock has a 50 day moving average of $43.25 and a 200-day moving average of $38.52. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $59.39.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. During the same quarter in the previous year, the business posted ($1.31) EPS. Cytokinetics’s revenue was up 26727.3% compared to the same quarter last year. On average, sell-side analysts predict that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, Director Edward M. Md Kaye sold 6,695 shares of the business’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $55.08, for a total value of $368,760.60. Following the sale, the director owned 16,535 shares of the company’s stock, valued at approximately $910,747.80. The trade was a 28.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $55.05, for a total value of $275,250.00. Following the completion of the sale, the chief executive officer directly owned 368,108 shares in the company, valued at $20,264,345.40. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,451 shares of company stock valued at $2,096,561. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Cytokinetics

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp raised its position in shares of Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 291 shares during the period. State of Michigan Retirement System raised its position in shares of Cytokinetics by 1.1% during the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after purchasing an additional 300 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock worth $1,330,000 after purchasing an additional 300 shares during the period. Teacher Retirement System of Texas raised its position in shares of Cytokinetics by 1.1% during the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after purchasing an additional 341 shares during the period. Finally, State of Alaska Department of Revenue raised its position in shares of Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock worth $555,000 after purchasing an additional 365 shares during the period.

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.