Cytokinetics (NASDAQ:CYTK) Given New $95.00 Price Target at Barclays

Cytokinetics (NASDAQ:CYTK) had its price target raised by Barclays from $87.00 to $95.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued reports about the stock. Mizuho lifted their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. HC Wainwright lifted their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Robert W. Baird set a $84.00 target price on shares of Cytokinetics in a research report on Tuesday, March 10th. 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 report on Friday, March 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $90.00 target price on shares of Cytokinetics in a research report on Friday, January 9th. Seventeen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.32.

Cytokinetics Trading Down 2.7%

Shares of Cytokinetics stock opened at $64.94 on Monday. The firm has a market capitalization of $8.00 billion, a PE ratio of -9.94 and a beta of 0.47. The firm’s 50 day moving average is $63.85 and its 200 day moving average is $62.31. Cytokinetics has a 1 year low of $29.31 and a 1 year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) 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 the consensus estimate of $8.02 million. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.26) earnings per share. As a group, research analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 26,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president owned 50,440 shares in the company, valued at $3,120,722.80. The trade was a 34.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the transaction, the chief executive officer owned 430,330 shares in the company, valued at $26,745,009.50. The trade was a 7.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 121,056 shares of company stock worth $7,491,747 over the last quarter. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Kemnay Advisory Services Inc. acquired a new position in shares of Cytokinetics during the 4th quarter valued at $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics during the 4th quarter valued at $29,000. TD Waterhouse Canada Inc. acquired a new position in shares of Cytokinetics during the 4th quarter valued at $32,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 171 shares during the period. Finally, Quarry LP acquired a new position in shares of Cytokinetics during the 3rd quarter valued at $30,000.

About Cytokinetics

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.