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 $74.00 to $75.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other brokerages also recently weighed in on CYTK. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price objective on shares of Cytokinetics in a research report on Friday, January 9th. Needham & Company LLC raised their target price on shares of Cytokinetics from $84.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. UBS Group lifted their target price on shares of Cytokinetics from $61.00 to $69.00 and gave the stock a “neutral” rating in a research note on Friday, March 6th. The Goldman Sachs Group set a $95.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Barclays assumed coverage on shares of Cytokinetics in a research report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price target for the company. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.05.

Cytokinetics Stock Up 2.1%

Cytokinetics stock opened at $62.13 on Tuesday. The firm has a fifty day simple moving average of $63.86 and a two-hundred day simple moving average of $60.93. Cytokinetics has a twelve month low of $29.31 and a twelve month high of $70.98. The company has a market capitalization of $7.65 billion, a PE ratio of -9.51 and a beta of 0.56.

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

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 7,931 shares of Cytokinetics stock in a transaction on Monday, March 9th. The shares were sold at an average price of $60.72, for a total value of $481,570.32. Following the sale, the chief executive officer directly owned 391,673 shares in the company, valued at approximately $23,782,384.56. The trade was a 1.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andrew Callos sold 26,000 shares of the business’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the sale, the executive vice president owned 50,440 shares in the company, valued at approximately $3,120,722.80. The trade was a 34.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 95,622 shares of company stock valued at $5,964,298. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds have recently made changes to their positions in the company. Millennium Management LLC grew its holdings in shares of Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after purchasing an additional 225,576 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Cytokinetics by 21.2% during the second quarter. Envestnet Asset Management Inc. now owns 29,467 shares of the biopharmaceutical company’s stock valued at $974,000 after purchasing an additional 5,146 shares in the last quarter. Geode Capital Management LLC raised its stake in Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock valued at $98,948,000 after purchasing an additional 56,961 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its position in Cytokinetics by 5.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 26,231 shares of the biopharmaceutical company’s stock valued at $867,000 after purchasing an additional 1,320 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Cytokinetics by 8.8% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,684 shares of the biopharmaceutical company’s stock valued at $1,014,000 after purchasing an additional 2,474 shares during the last quarter.

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.