Cytokinetics (NASDAQ:CYTK) Coverage Initiated at Wells Fargo & Company

Investment analysts at Wells Fargo & Company started coverage on shares of Cytokinetics (NASDAQ:CYTK) in a note issued to investors on Friday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $95.00 price target on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 46.13% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. UBS Group upped their price objective on shares of Cytokinetics from $61.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, March 6th. Mizuho boosted their target price on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $74.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Needham & Company LLC boosted their target price on Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, B. Riley Financial boosted their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.55.

Cytokinetics Price Performance

Shares of CYTK stock opened at $65.01 on Friday. Cytokinetics has a 12-month low of $29.31 and a 12-month high of $70.98. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of -9.96 and a beta of 0.47. The business has a 50 day simple moving average of $63.90 and a 200 day simple moving average of $62.68.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.26) earnings per share. On average, equities analysts anticipate that Cytokinetics will post -5.24 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 1,930 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.07, for a total transaction of $119,795.10. Following the completion of the sale, the executive vice president directly owned 78,185 shares in the company, valued at approximately $4,852,942.95. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $65.11, for a total transaction of $292,995.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,020,559.22. The trade was a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 125,556 shares of company stock valued at $7,784,742. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Cytokinetics

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Cytokinetics during the fourth quarter valued at $29,000. Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter valued at $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Cytokinetics during the fourth quarter valued at $32,000.

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.