Cytokinetics (NASDAQ:CYTK) Price Target Raised to $92.00

Cytokinetics (NASDAQ:CYTK) had its price target boosted by Truist Financial from $84.00 to $92.00 in a research note released on Tuesday, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the biopharmaceutical company’s stock.

Other research analysts have also recently issued research reports about the company. Barclays started coverage on Cytokinetics in a research report on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 price objective on the stock. Citizens Jmp lifted their target price on Cytokinetics from $78.00 to $88.00 and gave the stock a “market outperform” rating in a research note on Monday, December 22nd. Leerink Partners set a $83.00 price objective on shares of Cytokinetics in a report on Monday, December 22nd. Morgan Stanley set a $90.00 price objective on shares of Cytokinetics in a research report on Thursday, January 8th. Finally, Wall Street Zen cut shares of Cytokinetics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and an average target price of $87.42.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $60.24 on Tuesday. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of -9.58 and a beta of 0.54. Cytokinetics has a 52 week low of $29.31 and a 52 week high of $70.98. The firm has a 50-day moving average price of $63.47 and a two-hundred day moving average price of $55.32.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $6.05 million. Cytokinetics’s quarterly revenue was up 318.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.36) EPS. As a group, sell-side analysts forecast that Cytokinetics will post -5.24 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the sale, the director owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 15,000 shares of Cytokinetics stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $61.93, for a total value of $928,950.00. Following the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at $3,123,749.20. The trade was a 22.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 163,760 shares of company stock worth $10,623,787. 2.70% of the stock is owned by company insiders.

Institutional Trading of Cytokinetics

Institutional investors and hedge funds have recently bought and sold shares of the company. Woodline Partners LP grew its position in shares of Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares in the last quarter. Norges Bank purchased a new position in Cytokinetics during the second quarter worth about $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. increased its stake in Cytokinetics by 571.2% in the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock worth $35,768,000 after acquiring an additional 921,278 shares during the last quarter. Deep Track Capital LP raised its holdings in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after acquiring an additional 650,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after acquiring an additional 565,393 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.