Cytokinetics (NASDAQ:CYTK) Price Target Lowered to $92.00 at B. Riley

Cytokinetics (NASDAQ:CYTK) had its target price decreased by B. Riley from $122.00 to $92.00 in a research note published on Tuesday morning, Benzinga reports. B. Riley currently has a buy rating on the biopharmaceutical company’s stock. B. Riley also issued estimates for Cytokinetics’ Q2 2024 earnings at ($1.10) EPS, Q4 2024 earnings at ($1.30) EPS, FY2024 earnings at ($4.90) EPS, FY2025 earnings at ($6.10) EPS, FY2026 earnings at ($5.90) EPS, FY2027 earnings at ($0.20) EPS and FY2028 earnings at $4.10 EPS.

A number of other analysts have also recently commented on the company. Truist Financial dropped their price target on Cytokinetics from $86.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, May 29th. Raymond James dropped their price target on Cytokinetics from $92.00 to $70.00 and set an outperform rating on the stock in a research report on Thursday, May 23rd. Mizuho dropped their price target on Cytokinetics from $103.00 to $99.00 and set a buy rating on the stock in a research report on Wednesday, March 6th. JMP Securities dropped their price target on Cytokinetics from $106.00 to $78.00 and set a market outperform rating on the stock in a research report on Tuesday, May 28th. Finally, Barclays lowered their price objective on Cytokinetics from $100.00 to $95.00 and set an overweight rating on the stock in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $76.41.

Cytokinetics Price Performance

NASDAQ CYTK opened at $52.79 on Tuesday. The stock has a market capitalization of $5.54 billion, a PE ratio of -9.78 and a beta of 0.74. Cytokinetics has a 1 year low of $25.98 and a 1 year high of $110.25. The business’s 50-day moving average is $62.47 and its 200 day moving average is $64.57.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. During the same quarter in the previous year, the firm earned ($1.38) earnings per share. Cytokinetics’s revenue was down 81.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cytokinetics will post -4.53 earnings per share for the current year.

Insider Transactions at Cytokinetics

In other news, Director Robert Arthur Harrington sold 1,580 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the transaction, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Robert Arthur Harrington sold 1,580 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the transaction, the director now owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the transaction, the director now directly owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders have sold a total of 95,805 shares of company stock worth $5,928,768 in the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp increased its stake in Cytokinetics by 94.1% in the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 318 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Cytokinetics during the 1st quarter worth $74,000. GAMMA Investing LLC acquired a new stake in Cytokinetics during the 4th quarter worth $80,000. Bessemer Group Inc. lifted its position in Cytokinetics by 25,100.0% in the first quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC acquired a new position in Cytokinetics in the fourth quarter valued at $204,000.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.