Cytokinetics, Incorporated (NASDAQ:CYTK – Get Free Report) has received a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $99.90.
A number of research analysts recently issued reports on the stock. Stifel Nicolaus boosted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Morgan Stanley lifted their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial set a $106.00 price objective on Cytokinetics in a report on Tuesday, May 5th. Finally, JPMorgan Chase & Co. raised their target price on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th.
Get Our Latest Analysis on Cytokinetics
Cytokinetics Trading Up 2.8%
Cytokinetics (NASDAQ:CYTK – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same period last year, the company earned ($1.36) earnings per share. The firm’s revenue was up 1112.5% on a year-over-year basis. As a group, analysts predict that Cytokinetics will post -6.2 EPS for the current fiscal year.
Insider Buying and Selling at Cytokinetics
In other Cytokinetics news, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $84.92, for a total value of $636,900.00. Following the sale, the chief executive officer directly owned 377,830 shares of the company’s stock, valued at approximately $32,085,323.60. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $1,111,200.00. Following the completion of the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at $4,337,754.40. This trade represents a 20.39% 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 quarter, insiders sold 115,179 shares of company stock valued at $9,126,054. Corporate insiders own 2.60% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the business. Woodline Partners LP increased its holdings 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 acquiring an additional 1,435,422 shares in the last quarter. Norges Bank purchased a new position in Cytokinetics in the 4th quarter valued at about $51,281,000. Deep Track Capital LP boosted its holdings in Cytokinetics by 17.8% in the 3rd 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 last quarter. Siren L.L.C. acquired a new stake in Cytokinetics in the 1st quarter worth about $40,466,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cytokinetics by 151,987.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after acquiring an additional 565,393 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.
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