Cytokinetics, Incorporated (NASDAQ:CYTK) Receives $103.37 Consensus PT from Brokerages

Cytokinetics, Incorporated (NASDAQ:CYTK) has received an average rating of “Moderate Buy” from the twenty brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eighteen have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $103.3684.

CYTK has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Cytokinetics from $97.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Mizuho boosted their price target on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. HC Wainwright restated a “buy” rating and set a $140.00 price objective on shares of Cytokinetics in a report on Monday, August 31st. Finally, Royal Bank Of Canada decreased their target price on Cytokinetics from $117.00 to $112.00 and set an “outperform” rating for the company in a research report on Friday, August 7th.

Insider Transactions at Cytokinetics

In other news, CEO Robert Blum sold 97,926 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $69.33, for a total value of $6,789,209.58. Following the completion of the sale, the chief executive officer owned 385,320 shares of the company’s stock, valued at approximately $26,714,235.60. This represents a 20.26% decrease in their position. The sale 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 Andrew Callos sold 10,000 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $70.24, for a total transaction of $702,400.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,112,903.20. This represents a 14.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 207,172 shares of company stock valued at $15,391,722 over the last three months. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Cytokinetics

A number of hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Cytokinetics during the fourth quarter valued at $51,281,000. Siren L.L.C. purchased a new stake in Cytokinetics in the first quarter valued at approximately $40,466,000. ExodusPoint Capital Management LP purchased a new stake in Cytokinetics in the fourth quarter valued at approximately $21,803,000. BNP Paribas Financial Markets increased its holdings in Cytokinetics by 134.3% in the 4th quarter. BNP Paribas Financial Markets now owns 579,862 shares of the biopharmaceutical company’s stock worth $36,844,000 after buying an additional 332,397 shares during the period. Finally, Eventide Asset Management LLC increased its holdings in Cytokinetics by 181.9% in the 4th quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after buying an additional 309,503 shares during the period.

Cytokinetics Trading Down 1.7%

NASDAQ:CYTK opened at $67.59 on Friday. The company has a market cap of $8.41 billion, a price-to-earnings ratio of -9.36 and a beta of 0.36. Cytokinetics has a twelve month low of $47.22 and a twelve month high of $88.31. The stock has a fifty day simple moving average of $76.22 and a 200-day simple moving average of $73.00.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) EPS for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The company had revenue of $28.62 million during the quarter, compared to the consensus estimate of $17.59 million. During the same quarter in the previous year, the company posted ($1.12) earnings per share. The company’s revenue for the quarter was down 57.1% on a year-over-year basis. As a group, equities research analysts predict that Cytokinetics will post -5.98 EPS for the current fiscal year.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.