Mizuho Forecasts Strong Price Appreciation for Cytokinetics (NASDAQ:CYTK) Stock

Cytokinetics (NASDAQ:CYTK) had its price objective upped by Mizuho from $84.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Mizuho’s price target suggests a potential upside of 59.83% from the company’s current price.

A number of other research analysts have also commented on CYTK. B. Riley Financial raised their price target on Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Royal Bank Of Canada increased their target price on shares of Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research note on Thursday, January 8th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, The Goldman Sachs Group set a $95.00 price objective on shares of Cytokinetics and gave the company a “buy” rating in a report on Thursday, December 18th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.89.

Cytokinetics Stock Up 0.7%

NASDAQ CYTK traded up $0.44 on Wednesday, hitting $62.57. The stock had a trading volume of 1,018,798 shares, compared to its average volume of 1,876,245. The company’s 50-day moving average is $63.86 and its two-hundred day moving average is $60.93. Cytokinetics has a one year low of $29.31 and a one year high of $70.98. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of -9.58 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data 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 firm had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.26) EPS. On average, sell-side analysts anticipate that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Andrew Callos sold 1,709 shares of Cytokinetics stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $61.03, for a total value of $104,300.27. Following the transaction, the executive vice president owned 46,149 shares in the company, valued at approximately $2,816,473.47. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 7,931 shares of the company’s 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 completion of the transaction, the chief executive officer directly owned 391,673 shares in the company, valued at $23,782,384.56. This represents a 1.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 95,622 shares of company stock worth $5,964,298. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock worth $11,571,000 after purchasing an additional 225,576 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Cytokinetics by 21.2% in 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 grew its holdings in shares of 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 buying an additional 56,961 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of 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 buying an additional 1,320 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised 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 buying an additional 2,474 shares during the period.

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.