Cytokinetics (NASDAQ:CYTK) Stock Price Up 3% – What’s Next?

Cytokinetics, Incorporated (NASDAQ:CYTK) shot up 3% on Wednesday . The stock traded as high as $62.71 and last traded at $63.21. 176,697 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,917,506 shares. The stock had previously closed at $61.37.

Analyst Ratings Changes

Several brokerages recently commented on CYTK. The Goldman Sachs Group set a $95.00 price target on Cytokinetics and gave the stock a “buy” rating in a research report on Thursday, December 18th. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Citizens Jmp raised their price target on shares of Cytokinetics from $78.00 to $88.00 and gave the stock a “market outperform” rating in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada upped their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $83.61.

Cytokinetics Price Performance

The stock has a market cap of $7.77 billion, a PE ratio of -10.10 and a beta of 0.55. The stock’s fifty day moving average is $63.50 and its 200-day moving average is $50.31.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. During the same quarter in the previous year, the firm earned ($1.36) earnings per share. The business’s revenue for the quarter was up 318.1% compared to the same quarter last year. On average, sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Andrew Callos sold 52,486 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $65.95, for a total transaction of $3,461,451.70. Following the completion of the sale, the executive vice president owned 50,660 shares of the company’s stock, valued at $3,341,027. This trade represents a 50.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward M. Md Kaye sold 28,064 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $66.72, for a total value of $1,872,430.08. Following the completion of the transaction, the director directly owned 9,977 shares in the company, valued at approximately $665,665.44. This trade represents a 73.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 158,608 shares of company stock valued at $10,279,961 in the last ninety days. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Hudson Bay Capital Management LP increased its position in shares of Cytokinetics by 15.4% during the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after acquiring an additional 24,345 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Cytokinetics in the 3rd quarter valued at approximately $283,000. CIBC Private Wealth Group LLC increased its holdings in Cytokinetics by 8.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock valued at $191,000 after purchasing an additional 261 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Cytokinetics during the third quarter worth $684,000. Finally, Coldstream Capital Management Inc. acquired a new position in Cytokinetics during the third quarter worth $261,000.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.