Cytokinetics (NASDAQ:CYTK) Price Target Raised to $103.00

Cytokinetics (NASDAQ:CYTK) had its target price lifted by JPMorgan Chase & Co. from $97.00 to $103.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

CYTK has been the topic of several other research reports. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Truist Financial boosted their price objective on Cytokinetics from $106.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Wells Fargo & Company raised their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, HC Wainwright lifted their price target on shares of Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.20.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $74.13 on Thursday. Cytokinetics has a one year low of $35.22 and a one year high of $88.31. The business has a fifty day moving average price of $79.27 and a 200-day moving average price of $71.31. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of -10.27 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to analysts’ expectations of $17.59 million. During the same quarter last year, the firm posted ($1.12) earnings per share. Cytokinetics’s revenue for the quarter was down 57.1% on a year-over-year basis. On average, equities research analysts expect that Cytokinetics will post -6.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total value of $282,065.00. Following the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $12,402,962.18. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the transaction, the executive vice president owned 63,221 shares of the company’s stock, valued at $5,550,171.59. The trade was a 1.73% 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. Insiders sold a total of 115,179 shares of company stock worth $9,117,354 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently modified their holdings of CYTK. Vanguard Group Inc. increased its position in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the last quarter. Royce & Associates LP lifted its position in Cytokinetics by 44.3% during the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after purchasing an additional 44,343 shares during the last quarter. Norges Bank bought a new position in Cytokinetics during the fourth quarter valued at $51,281,000. Handelsbanken Fonder AB lifted its position in Cytokinetics by 63.8% during the second quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock valued at $34,502,000 after purchasing an additional 157,700 shares during the last quarter. Finally, GW&K Investment Management LLC grew its stake in shares of Cytokinetics by 161.5% in the 4th quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock worth $30,015,000 after buying an additional 291,693 shares in the last quarter.

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.