Cytokinetics (NASDAQ:CYTK) Price Target Raised to $92.00 at Truist Financial

Cytokinetics (NASDAQ:CYTK) had its target price raised by Truist Financial from $84.00 to $92.00 in a research report released on Tuesday morning, MarketBeat reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts have also weighed in on CYTK. Citizens Jmp lifted their price objective on shares of Cytokinetics from $78.00 to $88.00 and gave the company a “market outperform” rating in a research note on Monday, December 22nd. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. HC Wainwright lifted their price objective on Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Needham & Company LLC boosted their target price on Cytokinetics from $72.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Finally, UBS Group reaffirmed a “neutral” rating and issued a $61.00 price target on shares of Cytokinetics in a report on Monday, December 1st. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.42.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $64.73 on Tuesday. Cytokinetics has a one year low of $29.31 and a one year high of $70.98. The firm has a 50-day moving average of $63.72 and a 200-day moving average of $55.23. The company has a market cap of $7.91 billion, a PE ratio of -10.29 and a beta of 0.54.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The company had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. The company’s quarterly revenue was up 318.1% compared to the same quarter last year. During the same quarter last year, the company posted ($1.36) EPS. On average, equities research analysts expect that Cytokinetics will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, Director John T. Henderson sold 8,750 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $63.90, for a total transaction of $559,125.00. Following the transaction, the director directly owned 74,578 shares in the company, valued at approximately $4,765,534.20. This represents a 10.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wendell Wierenga sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $66.14, for a total value of $1,322,800.00. Following the transaction, the director directly owned 32,444 shares in the company, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 148,760 shares of company stock worth $9,694,837. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of institutional investors have recently made changes to their positions in the business. Woodline Partners LP raised its position in Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the period. Norges Bank bought a new position in shares of Cytokinetics during the second quarter valued at about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. grew its stake in shares of Cytokinetics by 571.2% during the second quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after buying an additional 921,278 shares during the last quarter. Deep Track Capital LP increased its holdings in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after buying an additional 650,000 shares during the period. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Cytokinetics in the 2nd quarter valued at about $18,328,000.

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.