JPMorgan Chase & Co. Issues Positive Forecast for Cytokinetics (NASDAQ:CYTK) Stock Price

Cytokinetics (NASDAQ:CYTK) had its target price raised by JPMorgan Chase & Co. from $70.00 to $74.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts have also commented on the company. Morgan Stanley set a $90.00 price target on Cytokinetics in a research report on Thursday, January 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Tuesday, October 21st. B. Riley reissued a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Cytokinetics in a research note on Monday, November 10th. UBS Group reiterated a “neutral” rating and set a $61.00 target price on shares of Cytokinetics in a report on Monday, December 1st. Finally, Needham & Company LLC raised their price target on shares of Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $86.05.

Cytokinetics Price Performance

Shares of CYTK stock opened at $63.78 on Tuesday. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98. The firm has a market cap of $7.80 billion, a PE ratio of -10.14 and a beta of 0.55. The company has a 50-day moving average of $64.06 and a two-hundred day moving average of $53.31.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) EPS for the quarter, topping the consensus estimate of ($1.59) by $0.05. The company had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. The business’s revenue was up 318.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.36) earnings per share. Sell-side analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the transaction, the director directly owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the sale, the executive vice president directly owned 138,552 shares in the company, valued at $8,484,924.48. This trade represents a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 159,544 shares of company stock worth $10,347,509 over the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Cytokinetics

Several institutional investors have recently modified their holdings of CYTK. Sanders Morris Harris LLC purchased a new stake in Cytokinetics in the third quarter valued at $1,182,000. Moody Aldrich Partners LLC purchased a new position in shares of Cytokinetics during the third quarter worth about $4,532,000. Norges Bank acquired a new stake in shares of Cytokinetics during the second quarter worth about $39,122,000. Aberdeen Group plc lifted its holdings in shares of Cytokinetics by 53.2% in the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock valued at $30,494,000 after purchasing an additional 320,508 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Cytokinetics in the 2nd quarter valued at about $1,176,000.

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.