Cytokinetics (NASDAQ:CYTK) Hits New 52-Week High on Analyst Upgrade

Cytokinetics, Incorporated (NASDAQ:CYTK)’s stock price hit a new 52-week high on Tuesday after Wells Fargo & Company raised their price target on the stock from $95.00 to $105.00. Wells Fargo & Company currently has an overweight rating on the stock. Cytokinetics traded as high as $80.86 and last traded at $76.0390, with a volume of 2989360 shares changing hands. The stock had previously closed at $66.05.

Several other research firms also recently commented on CYTK. JPMorgan Chase & Co. raised their target price on Cytokinetics from $74.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Truist Financial set a $106.00 price target on Cytokinetics in a report on Tuesday. Finally, B. Riley Financial boosted their target price on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $97.25.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at approximately $11,907,397.74. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% 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 169,976 shares of company stock valued at $10,710,369 over the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Lisanti Capital Growth LLC acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $2,697,000. Vanguard Group Inc. lifted its position in shares of Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after buying an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP lifted its position in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after buying an additional 24,345 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $1,359,000. Finally, Knott David M Jr acquired a new stake in shares of Cytokinetics in the third quarter valued at approximately $1,649,000.

Cytokinetics Price Performance

The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of -10.86 and a beta of 0.38. The stock has a 50-day moving average price of $64.13 and a 200-day moving average price of $63.75.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.36) earnings per share. Equities analysts forecast that Cytokinetics, Incorporated will post -6.31 earnings per share for the current year.

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.