Cytokinetics (NASDAQ:CYTK) Price Target Raised to $105.00

Cytokinetics (NASDAQ:CYTK) had its target price increased by Citigroup from $99.00 to $105.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Other analysts have also issued reports about the company. Leerink Partners decreased their target price on Cytokinetics from $103.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group reiterated a “buy” rating and issued a $104.00 price target on shares of Cytokinetics in a report on Wednesday, October 14th. William Blair assumed coverage on Cytokinetics in a report on Friday, October 16th. They set an “outperform” rating for the company. Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a report on Tuesday, September 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Thursday, October 15th. Nineteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.67.

Cytokinetics Stock Down 3.3%

Shares of NASDAQ CYTK opened at $53.69 on Thursday. The firm has a market cap of $6.68 billion, a PE ratio of -8.89 and a beta of 0.45. The company’s fifty day simple moving average is $65.68 and its 200 day simple moving average is $69.97. Cytokinetics has a 12-month low of $53.55 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) earnings per share for the quarter, beating the consensus estimate of ($1.43) by $0.06. The company had revenue of $47.56 million during the quarter, compared to the consensus estimate of $41.88 million. During the same period last year, the firm posted ($2.55) earnings per share. The company’s revenue for the quarter was up 2356.5% on a year-over-year basis. On average, equities analysts predict that Cytokinetics will post -5.86 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $62.93, for a total transaction of $220,255.00. Following the completion of the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $9,685,052.86. 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Blum sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $62.81, for a total value of $471,075.00. Following the sale, the chief executive officer directly owned 278,544 shares of the company’s stock, valued at $17,495,348.64. This represents a 2.62% 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 have sold 180,926 shares of company stock worth $12,510,340 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in Cytokinetics during the second quarter worth $36,000. Physician Wealth Advisors Inc. raised its position in Cytokinetics by 810.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 446 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 397 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in Cytokinetics by 71.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 458 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 191 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 573 shares in the last quarter. Finally, Manchester Capital Management LLC bought a new position in Cytokinetics during the 3rd quarter valued at $43,000.

Key Headlines Impacting Cytokinetics

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Cytokinetics reported a third-quarter loss of $1.37 per share, narrower than the $1.43-per-share consensus loss, and revenue of $47.56 million versus expectations of $41.88 million. Revenue rose sharply year over year, and the loss narrowed from $2.55 per share a year earlier. Earnings results
• Positive Sentiment: RBC Capital Markets sees MYQORZO potentially driving a revenue inflection starting in 2027, supporting the longer-term growth case. RBC Capital Markets view
• Positive Sentiment: Analyst sentiment remained supportive: Morgan Stanley initiated a Buy view, while Citigroup raised its target to $105 and Leerink Partners set a new $100 target with an Outperform rating. Morgan Stanley rating Citigroup rating
• Neutral Sentiment: Leerink’s $100 target was reduced from $103, a modest cut that tempers the otherwise positive analyst news, though the firm maintained its Outperform rating. Leerink Partners rating

About Cytokinetics

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance.

The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.

Founded in 1997, Cytokinetics is based in South San Francisco, California.